8.21 Afternoon Bitcoin and Ethereum Market Analysis and Trading Suggestions

The cryptocurrency market is an extremely challenging place for human nature; while technical analysis is certainly important, mindset often determines success or failure. Looking back at the midday market, Bitcoin surged to a high of 114821 after a rebound, then began to retract, pulling back to 113637, where we positioned ourselves for a short trade, securing several hundred points before exiting. Ethereum also retracted from a high of 4378 to 4278, and currently, bullish momentum is insufficient while bearish forces are gaining strength. In the afternoon, we can proceed with a bearish strategy.

Based on the current chart, the four-hour level shows that after experiencing a rebound, the market is in a state of stagnation. The middle band of the Bollinger Bands, which serves as an important resistance zone for bullish rebounds, has still not been breached, and the middle band continues to trend downward. Therefore, the overall trend will still depend on the bearish movement. From the hourly level, after exceeding the middle band of the Bollinger Bands, the market faced pressure and retreated. The KDJ indicator's three lines have entered the overbought zone and are turning downwards, indicating a potential death cross formation. Thus, in the afternoon, we will adopt a strategy of shorting after any rebound.

In the afternoon, Bitcoin can enter short at 113800, targeting around 112500.

In the afternoon, Ethereum can enter short at 3010, targeting around 2550. #比特币 $BTC