Crypto Circle Scholar: On 8.23, Powell's statement caused a sudden surge in the crypto market! Bitcoin and Ethereum experienced explosive growth!
The current price of Bitcoin is 116,100. It is now 1 AM Beijing time, with the daily K-line reaching a high of 117,300. With just one statement from Powell, Bitcoin surged violently, exceeding 5,000 points. The original plan was to hold positions while heading south from a high point, but I exited all at 114,500. The short-term long position at 113,000 was cashed in at 116,500. Now, we are back to a phase of waiting for opportunities without positions. It is currently uncertain whether the daily line will form a right shoulder pattern, so we can only wait to decide after the price breaks the middle track. The mid-track of the Bollinger Bands at 116,660 has been lost. The four-hour K-line broke through the key resistance at 114,500 with a large bullish candle. The bottom divergence trend of MACD has been reversed, and the K-line broke the upper track of the Bollinger Bands at 115,800. Overall, the market has returned to a high-point equilibrium. We do not rule out the possibility of the main force consolidating around the middle track of the Bollinger Bands today.
Short-term reference
Moving south from 115,000 to 114,500, with a stop-loss at 114,000, risking 500 points, targeting 115,500 to 116,000, if broken, look at 116,500 to 117,000.
Moving south from 118,500 to 119,000, with a stop-loss at 119,500, risking 500 points, targeting 118,000 to 117,500, if broken, look at 117,000 to 116,500.
Ethereum
The current price of Ethereum is 4,750. It is now 1 AM Beijing time, with the highest point of the daily K-line at 4,781. The daily line directly experienced explosive growth. In just a few days, the market rose from the 4,000 level to the previous high of 4,794. After reaching 4,750 and 4,550, moving south, the final adjustment broke the upper boundary of the range at 3,550, leading to an exit. In the current sharp rise, do not chase, wait for a pullback, and after the pullback, wait for the pattern to confirm. After confirmation, then move south. Before that, stay out and watch, first preserve the chips in hand to survive. Pay attention to the daily Bollinger Bands upper track resistance at 4,920. After reaching, the trading volume will determine further actions. The four-hour K-line has consecutively tested the support of the ascending trend line, reversing the bearish trend to bullish. Do not chase the historical high, do not act as a bag holder. Wait for opportunities to try positions. It’s okay to make mistakes in testing; the trading process will always involve some losses. Use stop-loss orders and don't force it.
Short-term reference
Southward trial position one from 4,800 to 4,850, with a stop-loss at 4,900, risking 50 points, targeting 4,750 to 4,700, if broken, look at 4,650.
Southward trial position two from 5,250 to 5,300, with a stop-loss at 5,350, risking 50 points, targeting 5,200 to 5,150, if broken, look at 5,100.
Suggestions are for reference only. Risks are borne by yourself. $BTC