There is a significant divergence regarding interest rate cuts, and the market is filled with panic; be cautious in operations! 8.26 Bitcoin and Ethereum strategy.
Last Friday, Powell hinted in a speech that the Federal Reserve may cut interest rates as early as the September policy meeting. However, there is a clear division among decision-makers on whether this is the right choice. Powell himself pointed out that the current economic situation presents a 'challenging landscape' for Fed officials. Policymakers are struggling to cope with inflation that is above the 2% target and still rising, while the labor market shows signs of weakness. This reality, which pulls policy in two opposing directions, combined with the uncertainty of how these factors will evolve in the coming months, makes it even more difficult. Therefore, after experiencing a calm weekend, the market saw a polarized price movement early this morning; Bitcoin dipped to a recent low while Ethereum surged to a new high. The Bitcoin longs that remained from Friday wanted to adjust, but unfortunately, the break-even loss was swept away early this morning, while Ethereum holds a light short position, currently with over a hundred points of space!
From a technical perspective, Bitcoin has formed a long lower shadow bearish candle, while Ethereum has formed a long upper shadow bullish candle. The technical outlook is bearish, so during the day, Conan suggests focusing on short positions during rebounds, rather than blindly following bullish trends! Key resistance levels to watch above are 115000, 116000, 117500, 118500, 119200, and 121000; key support levels below are 111600, 1105000, 110000, and 108300. For Ethereum, resistance levels above are at 4820, 4890, 4960, and 5000, while support levels below are at 4660, 4570, 4380, and 4200.
8.25 Bitcoin short position strategy: Aggressive traders should enter short on a rebound at 125000-125500, with a stop loss at 126200. If it continues to rise, enter on a rebound at 126500-127000 with a stop loss near 127500. The target is to look at 124000-123000-122500-122000, and if it breaks, aim for 12100-120500, continuing to adjust the stop loss based on the situation!
8.25 Ethereum short position strategy: Aggressive traders should enter short on a rebound at 4770-4800, with a stop loss at 4830. If it breaks, enter at 4880-4920 with a stop loss near 4960. The target is to look at 4700-4660, and if it breaks, aim for 4600-4570, continuing to adjust the stop loss based on the situation!
Long position strategy: Aggressive traders should enter long at 110500-111000 on a pullback, with a stop loss around 110000. If it breaks down, enter at 108500-109000 with a stop loss near 108000. The target is to look at 112000-113000-113500-114000, and if it breaks, aim for 115000-116000, continuing to adjust the stop loss based on the situation!
Aggressive traders should enter long on Ethereum pullbacks at 4620-4650, while conservative traders should enter at 4550-4580, with a stop loss around 4510. The target is to look at 4700-4750-4800, and if it breaks, aim for 4820-4870-4900, continuing to adjust the stop loss based on the situation!
Ethereum is clearly reluctant to drop, but Bitcoin's pullback has been significant, bringing Ethereum down with it. I really can't understand the psychology of those big players; Bitcoin and Ethereum's general trends are similar. If they sell Bitcoin to buy Ethereum, can Ethereum really rise? It's a puzzling market! Everyone should remain cautious these days and avoid holding positions!