8.20 Afternoon Bitcoin and Ethereum Market Analysis and Trading Suggestions

Your mindset is your biggest position. If you can't manage it well, no amount of technical skills will help. Looking back at the morning market, the hourly chart shows that Bitcoin retraced to the low point of 112566 before starting a rebound and did not continue the bearish trend. Subsequently, there was a wave of four consecutive bullish candles that pushed it up to 113767. Currently, Bitcoin is also stabilizing around 1137 and is in a state of oscillation and adjustment, engaging in a tug-of-war between bulls and bears. Ethereum's movement is similar to Bitcoin's, rising from a low point of 4060 with a wave of six consecutive bullish candles to 4188.

From the four-hour level, although Bitcoin shows signs of bottoming out and rebounding, the rebound strength is insufficient and has not reached an effective level, with momentum continuing to decline. The resistance level above is clear, exerting pressure on the market and causing the price center to shift downward. In terms of technical indicators, the market shows a bearish candlestick chart, with the MACD indicator's fast and slow lines continuing to decline, intensifying the bearish trend and dominating the market's downward movement. In the afternoon, we will lay out a short position for Bitcoin, looking for entry opportunities based on the resistance level above.

In the afternoon, Bitcoin can be shorted at 113800, targeting around 112200. For Ethereum, an additional short can be entered at 4210, targeting around 4120. #比特币 $BTC