8.22 Morning Bitcoin Ethereum Market Analysis and Trading Suggestions
In the cryptocurrency derivatives world, one must cultivate both technical skills and mental fortitude. A calm mind is essential to see the true opportunities amidst market fluctuations. Looking back at today's night market on the hourly chart, after the price retraced from a high in the early morning, it performed a slight pullback, then continued to dive down, followed by another pullback and continued retracement. The entire market trend shows a pattern of decline followed by an increase. Ethereum's movement is similar to Bitcoin's, with the bulls currently making an effort, but there is pressure from above.
According to the current market situation, the four-hour level shows a trend of six consecutive bearish candles retreating, gradually approaching the lower band of the Bollinger Bands. The bearish momentum continues to diverge, and during this period, the bulls have not provided a significant rebound. Various indicators at this level indicate that the overall market is under the control of bears. From the one-hour level, the market continues to maintain a strong downward trend. After experiencing three consecutive bearish candles, the decline has somewhat slowed, but there are no obvious signs of a bottom in the overall trend. In line with previous patterns, the continuous downward movement of the bears is often accompanied by rebounds, and each time the bulls rebound, it provides momentum for the bears, leading to further breakdowns. Therefore, the morning's downward trend remains unchanged, and we anticipate the bears to continue probing for a bottom.
In the morning, Bitcoin can be shorted at 112600, targeting around 111200.
In the morning, Ethereum can be shorted at 4260, targeting around 4200.
