Analysis of Bitcoin and Ethereum on the evening of August 21
Although Bitcoin reached a new low last night, it did not continue to decline and showed a rebound on the hourly level. It is currently still within a consolidation channel. The moving averages have started to turn; if a golden cross is formed, bulls can expect a second wave of strength. From a structural perspective, although Bitcoin is maintaining a downward trend in the short term, there are signs of a bottoming rebound, especially driven by the strength of the rebound last night. The probability of breaking through the consolidation range and continuing to rise in the future is not small. Ethereum is relatively stronger, with a rebound efficiency better than Bitcoin.
Trading Suggestions:
Trading suggestions: Pay attention to the support opportunities in the range of 112600-113800, with a target of 114700-115700; if it breaks through, look towards the 116700-117700 area. The lower support to watch is 111300-110900.
Ethereum: Look for low-entry opportunities near 4230-4250, with a target of 4400-4505.
