Cryptocurrency Market Analysis: Bitcoin's 'Fading' Market on August 10, How to Turn the Tide? Ethereum Bulls Celebrate! Seize the Next Profit Opportunity!
Current Bitcoin price is 116,800. The analysis suggests that the market is in a typical range-bound pattern, with prices fluctuating between key support and resistance levels. Although there are short-term bullish signals, the extreme reduction in trading volume and divergence between price and volume weakens the reliability of trend continuation. From a technical perspective, a golden cross has formed in the short-term moving averages, and the price is above the moving averages, indicating a certain bullish tendency. However, the lack of trading volume suggests insufficient market participation, making it difficult to support a price breakout above resistance. Therefore, it is recommended that the main players adopt a strategy of short-selling near the resistance level of 119,500, which is a reasonable choice in line with the current market pattern. Close to the strong support level of 116,000, and with the short-term moving averages forming a golden cross, showing some bullish tendency, it is advisable to adopt a strategy of buying low near the support level.
Price Forecast
Buy point 116,000, add to long at 115,500, stop at 500 points, target 117,000
Sell point 119,000, add to short at 119,500, stop at 500 points, target 116,500
Ethereum
Current Ethereum price is 3,820. The analysis finds that Ethereum is in a range-bound state, with neither technical indicators nor external conditions providing clear directional guidance. Technically, the price remains above the moving averages, momentum is increasing, and a bullish engulfing pattern has formed, indicating potential for a market rebound. However, the extreme reduction in trading volume and the overbought condition of the RSI suggest that upward momentum may be insufficient in the short term, warranting caution against pullback risks. Key support level is 3,536, and resistance level is 3,608, which will serve as major reference points for market fluctuations in the short term. The bullish arrangement of moving averages and the golden cross form a bullish resonance, with prices above the moving averages and increased momentum. However, the extreme reduction in trading volume creates a divergence, indicating that upward momentum may be lacking. The BOLL indicator shows prices approaching the upper band with increased volatility, and the candlestick pattern has formed a bullish engulfing pattern, suggesting that the market may still show signs of a rebound. Therefore, the strategy is to continue buying on pullbacks.
Price Reference
Buy point 4,150, add at 4,100, stop at 30 points, target 4,250
Sell point 4,300, add at 4,350, stop at 30 points, target 4,200