8.27 Zhiming Afternoon Analysis and Recommendations
The current trend of Bitcoin is in a correction phase after an over-extension. However, compared to the previous phase, both the cycle and intensity of this correction have significantly increased, but an effective break has not yet occurred. The upper level of 112000, which served as a stop-loss point during the previous double bottom, has now transformed from key support into strong resistance. After the price rose to break this level in the morning, it quickly retraced, which sufficiently confirms the validity of this resistance. There is still a downward gap below the second wave on the four-hour level; this afternoon we can continue to look for opportunities to short at high positions.
Zhiming's Recommendations
Short Bitcoin near 111700-112300, looking at 111000-110500
Short ETH near 4660-4700, looking at 4580-4540
