8.23 Midnight
The cycle of the circle is like the four seasons, traversing the harsh winter of a bear market, not for survival, but to bloom even more brilliantly in the next bull market spring. Looking back at the night market, a remark from Old Powell directly stirred up significant fluctuations in the trend, with Bitcoin jumping to around the high point of 117267, skyrocketing by 5000 points, while Ethereum reached a high of around 4781, surging by 500 points, before slightly retracing. Currently, Bitcoin is oscillating around 1165, and the major market movement has passed; in the early morning, we will still focus on the low volatility mindset.
From the hourly level, the market has formed a three consecutive bullish trend in a short period, breaking through the upper Bollinger Band. For such a strong upward move, continuous momentum is necessary to maintain the price ceiling. Therefore, the midnight market will likely form a high exploration and subsequent retracement. However, in terms of operations, we should first pay attention to the continuity of the next round of high exploration and treat it with a long-short mindset.
Bitcoin can be traded around: 116000-114500, with a target of 117500-118500
Ethereum can be traded around: 4750-4650, with a target of 4850-4950
