August 23rd Thoughts and Suggestions

The fog of volatility will eventually dissipate. As long as we maintain a long-term perspective and unwavering faith, the current volatility is merely a necessary tidal wave on the path to the vast ocean of stars. Only by cultivating patience can we seize the gifts bestowed by the cycle. Yesterday's daytime Kongdan Buju and the evening's positive rally by Uncle Zhang both gained significant ground. Then, this morning, he again broke through the high Kongdan Buju. This is true strength.

Bitcoin's 4-hour technical analysis shows that Bitcoin surged from a low level yesterday evening on positive news, reaching around 117,300 before falling under pressure, forming a partial Kongdan structure characterized by a gradual downward shift in the rebound high. Furthermore, the price has retreated from near the upper band, significantly suppressing the rebound, suggesting a short-term Kongdan trend. The rapid decline in volume following the surge suggests insufficient follow-up from the Duotou trend. If the key resistance level of 116,000 cannot be recaptured, the correction is likely to continue. The support around 114,500 should be monitored for effectiveness. The situation with Yitai is similar to that of Pancake, so I won't elaborate here. For Ethereum, the support strength of the 4600-4700 range should be closely monitored. If this area breaks, the correction could widen further. Also, watch for breakouts from above. Focus on solid price action and set a stop-loss!

Recommendations:

Bitcoin could rally around 115,800, with a target around 114,500.

Ethereum could rally around 4760, with a target around 4600. #ETH创历史新高 $ETH