August 7th Market Thoughts

Looking back at yesterday's midnight action, the major cryptocurrency initially rose and then faced pressure, with the price first climbing to a high of 115674 before pulling back, eventually dropping to a low of 114732 as morning approached.

Ethereum maintained a similar trajectory to the major cryptocurrency during midnight, reaching a high of 3698 before stalling and then declining, with the price touching a low of 3652 as morning neared.

The four-hour chart shows that after experiencing three consecutive bullish candles, the market is now under pressure, showing a two consecutive bearish candle trend. The KDJ and RSI indicators all have their lines turning downward at high levels, and the MACD indicator's dual lines remain below the zero axis, indicating an overall trend gradually leaning towards weakness. From the one-hour chart perspective, the market is entering a gradual downtrend; the KDJ indicator's three lines have formed a death cross at this level, and the MACD histogram is also gradually shrinking above the zero axis, suggesting that the bearish momentum is gradually dissipating. For morning operations, we will continue to maintain a bearish outlook.

Major cryptocurrency: Short near 115000-114700, target around 114000

Ethereum: Short near 3720-3700, target looking at around 3650-3630