Crypto Circle Scholar: On August 24, Bitcoin's sideways movement is slowing down. Is this a buildup for an upward surge or a final struggle? How long can Ethereum's strong bullish trend continue?
The current price of Bitcoin is 115,000. It is now 1:30 AM Beijing time. The daily K-line reached a high of 117,030 and has fallen back into the EMA trend indicator. Pay attention to the 0.786 support level of 114,000 coinciding with the EMA60 trend line. Additionally, the K-line has broken below the Bollinger Bands' middle track at 116,700, turning support into resistance. Overall, the trend can be qualitatively defined as a sideways repair phase. The four-hour K-line is currently at the intersection of EMA15 and EMA30 at 115,000. The MACD continuously shows a reduction in volume, and the price of the Bollinger Bands' upper track at 117,100 has fallen back to the middle track above 114,300, indicating clear short-term support in the range of 115,000 to 114,500. As long as it does not break down, the market will maintain a high-level sideways movement. If it loses this support, it may head south. The main force is likely to build a double bottom structure at 112,000. After taking profits at 112,000, one can consider testing the waters northward. Currently, the risks in both long and short positions are greater than the potential profits. Wait until reaching key levels to reconsider.
Short-term reference
If it breaks below 115,000 to 114,500, head south with a stop loss of 500 points, targeting 114,000 to 113,500. If it breaks down, look at 113,000.
If it faces resistance going north from 112,000 to 111,500, head north with a stop loss of 500 points, targeting 113,000 to 113,500. If it breaks, aim for 114,000.
Ethereum
The current price of Ethereum is 4,750. It is now 1:30 AM Beijing time. The highest point of the daily K-line for Ethereum is 4,830. After reaching a new historical high of 4,888 yesterday, it surged in popularity. The pullback is not strong enough, and the MACD golden cross has not reversed. The strong bullish trend still exists. The four-hour K-line is in a high-level sideways movement, forming an ascending triangle flag pattern. The triangular support is at 4,660. The MACD shows a top divergence. The main force is likely to have another wave of upward movement before a sharp drop. One can wait for the next wave of stretch before testing the waters southward. The upper pressure of the Bollinger Bands has reached 4,920. Short-term support is at 4,600. For the day, it is advisable to focus on short positions at high levels, entering and exiting quickly. Friends who prefer trend trading are advised to observe and refer to subsequent article updates.
Short-term reference
Test the waters southward at 4,800 to 4,850, with a defense at 4,900, stop loss of 40 points, and target 4,750 to 4,700. If it breaks, look at 4,650.
Test the waters northward at 4,650 to 4,600, with a defense at 4,550, stop loss of 40 points, and target 4,700 to 4,750. If it breaks, aim for 4,800.
