8.29 Afternoon Bitcoin and Ethereum Market Analysis and Trading Suggestions
Reviewing the afternoon market, we provided a bullish outlook. After a rise of several hundred points, the bears began to exert pressure, followed by a trend of pullback before continuing upwards. We also exited with a small loss, taking a short position in line with the trend, helping students stop losses and gain several hundred points. Currently, the bearish momentum is sufficient and holds a dominant advantage, so we will maintain a bearish perspective in the afternoon.
From the hourly Bollinger Bands perspective, all three lines are running downward in sync, with a slight expansion of the opening, indicating that short-term bearish momentum still prevails, and the trend has good continuity. The price experienced a slight rebound after touching the lower band due to technical support, but the rebound strength is relatively weak, and overall it remains under pressure.
In the afternoon, Bitcoin can be shorted at 110200, targeting around 108800.
In the afternoon, Ethereum can be shorted at 4400, targeting around 4350.
