8.29 Summary of Yesterday and Thoughts for Early Today
Yesterday's market started with a pullback from the early morning, followed by a bullish rebound reaching a high point, indicating that the overall trend remains upward. However, a pullback occurred in the evening. Besides the daytime trading, Uncle Zhang also followed the pullback trend with an evening trade, capturing the retest point. Compared to Bitcoin, Ethereum had more retest points and larger volatility, but fortunately, both daytime and evening trades have been timely in taking profits.
Bitcoin 1-hour technical analysis shows that the previous price was stable above the middle Bollinger Band. Although it broke below the middle band support during the pullback, we need to observe whether the price can stabilize below the middle band. The Bollinger Band channel is showing a flattening trend before gradually diverging upwards. Coupled with the recent continuation of rebound momentum, overall, the bullish force is relatively dominant. If it can return to above the middle band and continue to expand upwards, there is hope for another attack on the upper Bollinger Band area. If it breaks below 112,000, the pullback may continue, potentially signaling a bearish trend. Ethereum also needs to pay attention to the position around 4420 in the short term; no matter what position is entered, proper risk management is essential.
Suggestions:
Buy Bitcoin around 111,600 with a target near 113,500,
Buy Ethereum around 4,380 with a target near 4,600
