🥜 Market Insights on the Afternoon of August 23rd. 🥜
$BTC Perspective:
The Bitcoin price has broken through 116526 with significant volume, closing above 116526 on the hourly level, suggesting to go long on the right side, with a stop loss if it breaks.
If it drops below 115835 with volume and fails to recover, go short on the right side, with a stop loss if it recovers. Pay attention to changes in volume and maintain a good stop loss.
If it fakes a breakdown at 114735, recover one more position, with stop loss at the fake breakdown low or below 113522; if it doesn’t recover, avoid going long.
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The Bitcoin price has broken through and stabilized above 116474, looking up towards 117219-118558, and it must hold above 117219 to look upward.
Be cautious about shorting Bitcoin, as a 2B fake breakout may occur above 116474; if it stabilizes above 117289, set a stop loss.
For conservative players: buy at 112666, with a stop loss below 111396.
The hourly level for Bitcoin has broken through a large expanding triangle pattern and is currently retesting the upper boundary of this triangle; if it holds, it will continue to rise, but if it falls back into the triangle, it will definitely retest 114700 and 113500.
Why did it only drop to around 117300 yesterday before retreating? Because 117300 is a resistance level and the starting point of this downward trend. Look at the left side where the yellow arrows point; 117300 was a resistance level that, once broken, led to an increase. Retesting 117300 as support validates its effectiveness for another rise, but if it breaks down, it starts to fall, turning support into resistance. Now, if it can't get past the resistance level, it will have to retest! If it can't break through, it will move sideways; to rise, it must break through 117300.
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Upper resistance: 116474-117283-118558
Lower support: 115619-114778-113541
On the 4-hour level, if it drops below 115465, it looks down to 114606-113532; if 114606 breaks, 113532 is inevitable.
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$ETH Thought Process:
The second Bitcoin has broken through 4728 with significant volume, suggesting to go long on the right side, with a stop loss if it recovers.
If it drops below 4689 with volume, go short on the right side, maintaining a good stop loss.
If it retests 4606 and confirms support, add one position; if it drops below 4562, set a stop loss.
The second Bitcoin has stabilized above 4741, looking up towards 4793-4848.
Pay attention to shorting at 4848; if it breaks above 4888, set a stop loss.
Left-side orders: buy at 4445, with a stop loss below 4405.
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Upper resistance: 4741-4793-4848
Lower support: 4661-4606-4565
On the 4-hour level, if it drops below 4666, it looks down to 4600-4539; this high-position cross star on the 4-hour level for the second Bitcoin cannot break through, marking the recent top. Meeting adjourned.
