8.22 Evening Bitcoin and Ethereum Market Analysis and Trading Suggestions
In any investment judgment, risk analysis is an indispensable part. Even the strongest projects need to calmly identify potential risks and uncertainties. Looking back at the afternoon market, the overall trend today has been one of a tug-of-war between bulls and bears, showing a fluctuating market with limited volatility. In the afternoon, Bitcoin also experienced a rebound, and we positioned ourselves for a short entry. After an afternoon of adjustments, we finally saw a few hundred points of space in the evening, allowing for a quick exit, waiting for the evening news to decide our next steps. Currently, the bears still hold a dominant advantage.
Looking at the four-hour and one-hour charts, the overall bearish momentum in the market still exists. For tonight, we will continue with a bearish mindset. We will pay attention to Fed Chairman Powell's speech at the Jackson Hole Global Central Bank Annual Meeting at 22:00 tonight. If there is positive news about a rate cut in September, a short-term rise is inevitable. If the stance remains unclear, the market will continue to maintain a fluctuating downward trend.
Tonight, Bitcoin can be shorted at 112700, with a target around 111500.
Tonight, Ethereum can be shorted at 4320, with a target around 4250.
