BTC/ETH Insights on August 26
Last night, the price touched the bottom support level at around 1108 and initiated a slow rebound. We set up a long position at 111000, with the highest rebound reaching around 112900, capturing a space of 1900 points.
Subsequently, U.S. stock markets closed with all three major indices declining. Currently, the price of Bitcoin briefly reached around 109000, while Ethereum reached around 4330. Looking at the daily chart, market sentiment is neutral, but the MACD death cross has formed, indicating that prices may still retrace in the short term. If the price cannot effectively stabilize above 112300 on the 4-hour chart, it suggests that the retracement will continue, and we can continue to look bearish.
For Bitcoin, short around 1110-1116, resistance at 1124, target at 1096-1080-1066.
For Ethereum, short around 4455-4496, resistance at 4567, target at 4370-4320-4230.
