The cryptocurrency world never creates wealth, only allocates wealth, and the core of allocation lies in the level of understanding. Do not be deceived by the fluctuations of candlestick charts; they are merely a manifestation of human greed and fear. The real winners possess an understanding that surpasses the ordinary; they do not chase short-term gains but focus on long-term value, being greedy when others are fearful and fearful when others are greedy. Regarding the reasons for the decline, I primarily believe it is influenced by the downturn in the tech sector of the US stock market, uncertainties in the international macro situation, and profit-taking ahead of the Federal Reserve's Jackson Hole meeting. In particular, the mention of the Nasdaq index dropping by 1.46% reflects profit-taking after Bitcoin's rise and fall, increasing regulatory uncertainties, and multiple pressures from leveraged liquidations.
Overall, the market shows a rebound trend for Bitcoin and Ethereum in the afternoon, but after reaching important resistance levels above, there has not been effective upward continuation, proving that resistance levels above continue to exist, and the rebound momentum is gradually exhausting, with the bearish trend about to welcome a rebound again. From the hourly level, Bitcoin's Bollinger Bands show a closing trend, with the three bands forming parallel lines, indicating that market momentum is gradually consolidating and gaining strength. The market is intertwining with the middle band of the Bollinger Bands, making the subsequent layout of the middle band an important turning point. From the four-hour level, the overall market is still in a bearish trend, with the rebound trend continuously exhausting, and hidden lines constantly appearing above. Furthermore, from the technical indicator analysis, the bearish trend dominates the overall market, with the fast and slow lines continuously extending downward, and the evening layout continues the strategy of shorting after the daytime rebound.
Operation suggestions:
Bitcoin: Short near 114000, target 112000
Ethereum: Short near 4230, target 4100
