8.23 Early Morning Bitcoin and Ethereum Market Analysis and Trading Suggestions
The cycles of the crypto world are like the four seasons; traversing the harsh winter of the bear market is not for mere survival but to bloom even more brilliantly in the next spring of the bull market. Looking back at the night market, a few words from Old Powell directly stirred up a significant wave in the trend, with Bitcoin jumping to the 117296 high point, soaring by 5000 points, while Ethereum reached the 4779 high point, rising by 500 points, before slightly retracing. Currently, Bitcoin is fluctuating around 1165, with bullish momentum weakening and bears joining the game. The major market movement has passed, and we are still focused on high short positions this early morning.
From the current market perspective, the four-hour level shows a strong bullish trend, but it is evident that this wave of increase is not a structural shift in the trend but a result of news impact. Additionally, there is a long upper shadow left on the current bullish candlestick, indicating an interruption in the continuation of the next round of upward movement. Therefore, after digesting this round of news, the price is bound to enter a correction phase. From the one-hour level, the market has formed a three consecutive bullish candlestick pattern, breaking above the upper Bollinger Band. For such a strong upward movement, continuous momentum is necessary to maintain the upper price limit. However, currently, bullish momentum seems to be weakening, indicating a high probability that the midnight market will form a high search and retreat pattern. Thus, in terms of operation, we can first focus on the continuation of the next round of high searches and treat it with a high short position approach.
This early morning, Bitcoin can short at 116800, targeting around 115000.
This early morning, Ethereum can short at 4780, targeting around 4650.
