8.23, Bitcoin surges strongly, Ethereum breaks new highs again, how to choose between bulls and bears in the future?
From the 4-hour perspective, after a strong surge of Bitcoin, it is accompanied by minor adjustments. Although there are signs of stabilization, the long upper shadow indicates strong selling pressure above, and the shrinking upward trend needs further observation for the continuation of bulls. From the 1-hour perspective, the volatility of the market has narrowed, and the bullish momentum has been fully released, leaving a demand for a pullback in the future.
Bitcoin is clearly under short-term pressure, focusing on the key support level. The 1-hour cycle shows that the chip distribution indicator shows strong resistance at 118974, and the current price is close to that resistance, while the KDJ indicator is in the overbought zone, suggesting short-term pullback risk. In addition, the MACD histogram continues to shrink, and the downward momentum is strengthening, forming a double verification with the chip resistance signal. The price is currently above both the EMA24 and EMA52 moving averages.
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Operation Suggestions:
Sell Bitcoin at 116500-117000, target around 115000-114000. Protect at 117500.
Sell Ethereum at 4750-4790, target around 4650-4550. Protect at 4840,