✨2024.8.6 Today's Analysis✨
🕒 Market Dynamics:
Yesterday's overall decline was large, and there was a wave of rebound in the night market. Bitcoin rebounded from the bottom of 48888 to the current 56000, and the increase has exceeded 10%. However, it should be reminded that this rebound can only be regarded as an oversold rebound. Whether it can stabilize and reverse still needs to wait for the further development of the 4-hour pattern structure. Ethereum has strong weekly support near 2100 and is not expected to fall easily.
Today, the altcoin may rise in the short term, because the Japanese stock market also saw a violent rebound at the opening. As the Bitcoin moving average moves down, it will also cause a second suppression on the currency price, and it may test the support near the previous low again in the future. The resistance level of Bitcoin is 56000-58000, and the resistance level of Ethereum is 2600-2700.
🔹 Strategy Recommendations:
After the current decline, don't imagine that the market will start a new round of trend soon. Even if the wash is complete, it will take a certain period of time to oscillate and repair the indicators and moving average. Therefore, although we are optimistic about the market outlook, we should not rush to leverage to buy at the bottom.
$BTC:
Support: 48888 Resistance: 56000-58000
$ETH:
Support: 2100 Resistance: 2600-2700
✨ Summary:
The market may continue to rebound in the short term, but the overall trend still needs further confirmation. It is recommended to remain patient and wait for the market structure to become clearer, and avoid large-scale operations too early.
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