8.20 Zhiming Evening Analysis and Suggestions
Regarding the reasons for the decline, I personally believe it is mainly due to the drop in the U.S. tech sector, the uncertainty of the international macro situation, and the profit-taking in the market before the Federal Reserve's Jackson Hole meeting. In particular, the Nasdaq index fell by 1.46%, reflecting profit-taking after Bitcoin's sharp rise and fall, increased regulatory uncertainty, and multiple pressures from leveraged liquidations. From the 1-hour chart perspective, there has been a short-term consecutive rise hitting the middle band of the Bollinger Bands, but the bears' efforts to suppress have failed. However, the rebound did not break the downward channel, which is a minor episode in the downward trend. Looking at ETH from the hourly chart, there has been a short-term consecutive rise breaking the middle band of the Bollinger Bands, with the bears' pressure being weak and not pushing it back down, but the rebound has not escaped the downward channel.
Zhiming's Suggestions
Bitcoin around 114000-114500, watch 113000-112000
ETH around 4240-4280, watch 4160-4120
