8.19 Evening Bitcoin and Ethereum Market Analysis and Trading Suggestions
Many people have excellent technical analysis skills but ultimately lose to their emotional reactions, which is precisely why you need guidance. Looking back at today's market, Bitcoin experienced a bottom rebound, rising to 116980 in the early morning before starting to retreat, dipping to a low of 114300 during the day. Currently, the daily chart continues to show a downward trend, and it is expected that the correction will continue. Ethereum rebounded to 4355 during the day but failed to break through the 4400 level, and then retreated below 4200 in the afternoon. The daily chart has not yet reached the bottom and still shows signals for further decline. Based on the market trend, it is expected to soon approach the 4100 level, and we will maintain a bearish outlook for the evening.
From a technical perspective, the bearish momentum continues, and the market is showing a weak downward trend. The Bollinger Bands are maintaining a downward channel, with prices fluctuating repeatedly between the middle and lower bands, forming a clear oscillation box. As the market develops, the highs and lows continue to decline, indicating that the bullish momentum is significantly lacking in the short term. The MACD energy values show weakening bullish strength, with short-term selling pressure leading to an increase in bearish sentiment, gradually dissipating. The market is currently constructing a bottom support for the next upward momentum. Going forward, pay close attention to the resistance levels above; if effectively broken, there is hope for continued upward testing of higher points; conversely, if unable to break the resistance and instead turns downward, it may further widen the decline. The movement of Ethereum is synchronized with Bitcoin, and the gains and losses of the upper resistance and lower support levels are equally critical.
In the evening, Bitcoin can be shorted at 116000, targeting around 114000, and Ethereum can be shorted at 4310, targeting around 4220.
