Analysis of Bitcoin and Ethereum on August 22
Last night, Bitcoin once again tested the area around 112K and rebounded smoothly, hitting key support exactly. From the price movement, although Bitcoin has shown a rebound in the short term, it is still under pressure above. 114800 is the first resistance level, and the key resistance zone is between 116800-117K. Whether it can break through will determine if the smaller trend can reverse to the upside. Ethereum is also oscillating in a downward channel, but the low point feedback is positive, and the rebound efficiency is stronger than that of Bitcoin.
Approach support with confidence to take low buys; if key resistance is broken, then look for a trend reversal.
Trading Suggestions
Bitcoin: If it cannot break through 114800, we still expect a pullback, looking at the range of 112000-111870 below. Wait for stabilization at the bottom before looking for a buy, with targets of 114600-115700. Today is still not suitable for chasing highs, beware of a second bottom test.
Ethereum: Similarly, first look for a pullback in the range of 4160-4025, stabilize and then look for low buys, with targets of 4340-4400.
