🪶Market insights at noon on August 22. 🪶
$BTC insights:
Bitcoin has broken through with volume at 113318. The hourly closing price is above 113318, so go long on the right side, with a stop loss if it breaks.
If it drops below 112731 with volume and cannot recover, go short on the right side, with a stop loss if it recovers. Pay attention to volume changes and manage stop losses.
If there is a false breakdown at 112018 and it recovers, add one more long position. If it breaks below 110902, set a stop loss. If it cannot recover, do not go long.
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Bitcoin has firmly broken through and stands above 113579, looking upwards towards 114591-115602. If it cannot stand above 113579, do not look upwards.
When shorting Bitcoin, be aware of a 2b false breakout at 114767 and short one position. If it breaks and holds above 115668, set a stop loss.
For conservative traders: long at 111396, and set a stop loss if it breaks below 110388.
The chart shows a diamond pattern, which evolves from an expanding trumpet shape. The appearance of the diamond pattern indicates that Bitcoin is about to choose a direction again.
To continue the uptrend, it must break above the neckline at 113547. Look around 114767.
Draw the diamond pattern breakout on your chart; you can go long on the right side if it breaks upwards. If it breaks down below the low of 111944, it won't hold and will likely drop to the range of 111396 and 110879.
Looking at the volume below, it is currently a shrinking rise, and the probability of a downward spike is greater than the probability of an upward move. Whichever direction the diamond pattern breaks, trade in that direction.
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Upper resistance: 113579-114591-115602
Lower support: 112260-111396-110879
If it breaks below 112288 on the 4-hour level, look down towards 111358-110506; if 112288 breaks, new lows may appear.
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$ETH thoughts:
Ethereum has broken through with volume at 4309. Go long on the right side, and manage stop losses.
If it drops below 4260 with volume, go short on the right side, managing stop losses.
On a pullback to 4206, confirm support is valid and add one long position. Set a stop loss if it breaks below 4164.
Ethereum has firmly stood at 4312 on the hourly level, looking upwards towards 4370-4424.
Be cautious of a short at 4370 if it reaches that level, and set a stop loss if it breaks above 4424.
Left side orders: long at 4109, and set a stop loss if it breaks below 4060.
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Upper resistance: 4312-4370-4424
Lower support: 4258-4212-4164
If it breaks below 4203 on the 4-hour level, look down towards 4150-4102. Ethereum is much stronger than Bitcoin on the hourly level; it hasn't made new lows and is consistently making higher highs and lows. If Bitcoin cooperates with an upward movement, Ethereum can easily form a rounded bottom and break above 4370 without any issues, and then call it a day.