Crypto Circle Academician: The third wave of Bitcoin's southward movement has started on 8.18, and the market may fall below 112,000! There is no hope for Ethereum to rise, and a short-term bearish momentum is about to emerge!
The current price of Bitcoin is 117,800. It’s now 1:30 AM Beijing time. The highest point before this article was published is 118,575. Our entry point yesterday was 118,500, which you can refer to. The upper pressure level has not been broken, and the southward movement is valid. The opportunity for the third wave southward movement can be entered again. There is obvious resistance above the daily candlestick chart. The MACD volume has ended, forming a death cross between DIF and DEA. The candlestick is preparing to retest the support at the middle band of the Bollinger Bands at 117,000, which you can pay attention to. If it breaks, it will continue to explore down to 112,000. The short-term bearish trend has already emerged in the four-hour candlestick. The MACD volume has decreased, and the DIF and DEA are contracting below the zero axis. The Bollinger Bands are also contracting, with the candlestick breaking below the middle band. The overall trend has entered a bearish phase, and the main idea in the short term is to follow the trend and focus on short positions until it reaches support, then consider whether to move northward.
Short-term reference
For northward movement: 113,000 to 112,500, with a defense at 112,000, stop loss at 500 points, and target looking at 114,500 to 115,000; if it breaks, look at 115,500.
For southward movement: 118,500 to 119,000, with a defense at 119,500, stop loss at 500 points, and target looking at 117,500 to 117,000; if it breaks, look at 116,500.
Ethereum
The current price of Ethereum is 4,525. It’s now 1:30 AM Beijing time. The highest point of the daily candlestick for Ethereum is 4,574. Our entry point for the southward movement is 4,550, which has already been reached. You can refer to the content from the past few days to see the market. The daily candlestick has not yet retested the downward trend support at 4,230. Before this, it is difficult to have a significant upward movement. Additionally, without sufficient volume, the major bulls will face significant selling, and the market will not digest it quickly. The four-hour candlestick has formed obvious pressure near 4,550. The MACD has shown reduced upward volume, and the upward golden cross of DIF and DEA is blocked. The four-hour line has already reached above the middle band of the Bollinger Bands at 4,495. Pay attention to the middle band support; if it loses this support, then enter short according to the trend. If the first-line support holds, there will be continued oscillation around 4,550 to accumulate positions in the short term. The main trend in the short term is still bearish. As for the bulls, they need to wait until the market digests the positions before considering.
Short-term reference
For southward trial positions: 4,500 to 4,550, with a defense at 4,600, stop loss at 40 points, and target looking at 4,450 to 4,400; if it breaks, look at 4,350.
For northward trial positions: 4,200 to 4,150, with a defense at 4,100, stop loss at 40 points, and target looking at 4,300 to 4,350; if it breaks, look at 4,400.
