8.22 Initial Thoughts Analysis
In the 1-hour timeframe for BTC, the upper Bollinger Band constitutes a short-term strong resistance. After a rebound to the upper band, the candlestick formed an upper shadow indicating stagnation!
At the same time, the upper Bollinger Band also shows a downward inflection pattern, with the Bollinger Bands exhibiting a 'narrowing followed by a potential downward expansion' signal. Additionally, the volume during the rebound phase has not continued to increase, indicating a slight lack of support strength.
Trading Recommendations
BTC: Short at 113400-114000, target 111000-112000
ETH: Short at 4310-4360, target 4100-4200
