8.26 Zhiming Morning Analysis and Suggestions
Currently, in the 1-hour chart of Bitcoin, the middle band of the Bollinger Bands continues to decline. After breaking below the middle band, it has remained under pressure below it, indicating that the short-term trend is dominated by a downward motion. In the subsequent downward phase, there is a significant increase in selling pressure, while the rebound shows a lack of strength, failing to even touch the middle band, highlighting weak support. Currently, the lower band of the Bollinger Bands is temporarily holding but is struggling against the downward pressure from the middle band. If the rebound cannot return to the vicinity of the middle band and effectively break through it, then losing the lower band would significantly increase the risk of further declines, with an overall technical outlook leaning bearish. Keep your stop-loss tight and continue to push!
Zhiming's Suggestions
For Bitcoin, look for a range between 110500-111000, and watch around 109700-109200.
For Ethereum, look for a range between 4420-4460, and watch around 4340-4300.
