August 23 Bitcoin and Ethereum Market Analysis: BTC, ETH Highlights Today

Market Review

Yesterday, BTC experienced a significant increase influenced by Powell's dovish speech, with a healthy recovery in the 4-hour trend. Expectations for a rate cut in September have risen sharply, greatly boosting market confidence and maintaining a bullish outlook. The daily trend remains healthy, with downward momentum beginning to weaken, and the weekly trend also remains healthy. Focus on fundamental information, the Federal Reserve's rate cut process, and expect continued gains during the day. In terms of the long cycle, a new round of upward movement on the weekly chart has begun.

Altcoins have risen in sync with Bitcoin, briefly breaking historical highs, with significant gains in the 4-hour timeframe. However, the fundamentals are quite solid, indicating the potential for continued increases. The daily trend remains healthy but shows slight divergence, currently having little impact, and the expectation for continued gains during the day remains.

Altcoins are following mainstream trends upward, with the altcoin index showing a slight pullback. Market sentiment is still not high, so pay attention to BTC's market share, fiat currency buying signals, and determine the altcoin activation signals. Tokens under ETH are more affected by ETH, and PENDLE can continue to be held. Recently, Binance has been active, with ongoing Alpha point activities, allowing users to accumulate points and take advantage of opportunities.

Today's Highlights:

BTC's 1-hour and 4-hour levels have returned to a healthy range; the daily level is back in a healthy range, with expectations for continued gains. The support level for today is 115,000-115,500, and resistance is at 118,000-119,000.

ETH's 1-hour and 4-hour levels are above the healthy range, with the daily level also above the healthy range, and expectations for continued gains. The support level for today is 4,600-4,700, and resistance is at 4,900-5,000.