8.20 Midday Analysis
Suggestions
Large Cake: Resistance to the rebound near 114300-115300, with lower targets looking at 110500-108000.
Small Cake: Resistance to the rebound near 4220-4285, looking at targets below.
The daily chart for Large Cake shows a significant increase in volume with a large bearish candlestick. The MACD fast and slow lines have formed a dead cross and are moving down into the 0 axis area, with a clear downward trend characteristic.
The first resistance zone is between 114000-114800-115400; only if the four-hour chart can recover above 114000 will there be a possibility for a continued rebound; if recovery fails, then the pressure zone can be primarily relied upon for making trades.
Regarding Ethereum
Its first resistance level is at 4200-4285-4340, and the four-hour chart needs to recover above 4200 to promote further rebounds.
