8.22 Nighttime Bitcoin and Ethereum Market Analysis and Trading Suggestions
Every fluctuation in the cryptocurrency market is an opportunity given by fate. Don't be discouraged by temporary difficulties; every low point is a chance to accumulate experience and sharpen your mindset. Looking back at the evening market, it has been in a fluctuating adjustment trend since the afternoon, with little volatility. By evening, the price comparison began to decline, marking the largest fluctuation of the day. Ethereum's performance followed Bitcoin's, starting a significant retracement. We also positioned short orders for both Bitcoin and Ethereum in the evening, securing over 800 points and more than 80 points of profit respectively, which allowed our students to benefit from this wave.
From a daily chart perspective, there is still a trend of moving downwards. The weekly chart is also retracing, and the monthly chart has not yet reached its bottom. According to the current trend analysis, the correction phase is not over. However, the signal that will determine the direction of the trend in the short term lies in the speech of Powell at the Jackson Hole Global Central Bank Annual Conference starting at 22:00 tonight. If Powell expresses a clear stance on a rate cut in September, the probability of a rate cut will increase again, which will release positive signals for the market, leading to a wave of increase in cryptocurrencies. Conversely, there will be a significant drop in the market.
Currently, Bitcoin can enter a short position at 112800, targeting around 111000. If the speech brings positive news, then the opposite is to enter a long position.
Currently, Ethereum can enter a short position at 4330, targeting around 4200. If the speech brings positive news, then the opposite is to enter a long position.
