Evening of August 20th Bitcoin and Ethereum Analysis
During the day, Mu Qing mentioned that the current Bitcoin and Ethereum are undergoing ABC wave adjustments on the hourly chart. Bitcoin rose to around 11.4, and after Ethereum reached the 4230 level, it faced pressure. Lao Gu successfully captured a profit of 1100 points in Bitcoin during the day and 120 points in Ethereum.
From the hourly chart perspective, both Bitcoin and Ethereum are under pressure from the upper levels and have not broken through. The KDJ three lines are in the oversold zone showing a death cross, and the Bollinger Bands are narrowing, indicating a trend that may turn downwards. For evening operations, Lao Gu suggests taking short positions at high levels to capture the B wave adjustment. The recommended entry point for Bitcoin is around 11.38, with a target down to 11.27; for Ethereum, the suggested entry point is around 4210, with a target down to 4110.
