2024.8.24 Today's market analysis: ##btc ##eth

It was so cool yesterday, it finally took off! I waited so hard. BTC reached a high of 65,000. Has the bull market been established? Judging from the current long and short situation, the number of shorts has increased dramatically after the rise, and the short-selling funds are also increasing wildly. With so many people and funds shorting, will the market fall?

The so-called big positive line, thousands of troops come to meet, the daily line 0.618 has been broken, and the market often goes to 0.786 and then reverses. It is currently just a little bit away from 0.786 (65545). The daily level big positive line needs to be filled, and the attack will continue after the gap is filled.

The support strength of the trend line can be clearly seen on the 1-hour chart. Last night, many people were tempted to short. At 10 o'clock last night, Powell's speech triggered an upward impact on the market, but it eventually fell back. It was because of this needle that many people were tempted to enter the market to short, but they did not expect that this was just a small trap set by big funds. At present, because the rise was too fast, the market demand fell back. To fill the gap of the rapid rise, pay attention to the gap in the 62300-62600 area. If it stabilizes, you can consider long orders. You can take a closer look at the position of 0.786 above. There is just a parallel top there. If a false breakthrough is made, it is a resonance strategy, and you can consider short orders.

ETH finally came to test around 2800, but unfortunately it did not close. The gap of 2700-2710 needs to be paid attention to below. If it stabilizes, you can consider long orders. This position is not only a gap of the big positive line, but also the upper edge of the previous consolidation range, but once it falls below, it will be necessary to test the lower edge again.

Since the overall market has been pulled up, there is no doubt that we should maintain a bullish mindset, but the bullish mindset does not mean chasing the long position, but we need to find a position to step back and take the long position. There is a need for a callback at present, and consider long orders after the callback.