Cryptocurrency Expert: On August 20, Bitcoin experienced a continuous plunge, and bulls faced liquidation again! Ethereum encountered a 'dark knife' and a future shrouded in bloody clouds!
The current price of Bitcoin is 113,200, and it is now 1:30 AM Beijing time. The highest point before this article was published was 116,725. From the historical peak to the time of publication, Bitcoin has already dropped over 10,000 points. Moreover, the daily line has broken the Fibonacci retracement level of 0.786 resistance point at 113,800. The next support level is the EMA90 trend support point at 111,300, and the lower Bollinger Band support at 111,500. The four-hour candlestick chart shows a more apparent bearish trend, entering a short-term descending channel. The four-hour trend indicator has alternated downwards, forming a three-line death cross trend. The candlestick has reached the lower Bollinger Band support at 113,400. For those who haven't entered the market, it is advised to wait for a pullback resistance level to short, and be cautious about going long at support levels.
Short-term reference
To the north: 112,000 to 111,500, defend at 111,000, stop loss at 500 points, target at 113,000 to 113,500, if broken, target at 114,000 to 114,500.
To the south: 114,000 to 114,500, defend at 115,000, stop loss at 500 points, target at 113,500 to 113,000, if broken, target at 112,500 to 112,000.
Ethereum
The current price of Ethereum is 4,150, and it is now 1:30 AM Beijing time. The highest point of Ethereum's daily candlestick was 4,355. The current downward trend has become a foregone conclusion, and bulls are unlikely to recover in the short term. The distance to the Fibonacci retracement level of 0.786 support at 4,065 is very close, while the distance to the EMA30 trend support at 3,965 is still significant. The larger trend has formed a death cross, and the daily candlestick has reached the middle Bollinger Band near 4,070. The four-hour candlestick is standing at the EMA120 support of 4,130, and further down is the major trend support at the 4,000 level. The short-term bearish pressure has already reached the lower Bollinger Band support at 4,130, and a rebound is quite normal. For those who haven't entered the market, they can wait for a rebound and then continue to short, while being cautious about chasing long positions.
Short-term reference
To the south: test position at 4,200 to 4,250, defend at 4,300, stop loss at 50 points, target at 4,150 to 4,100, if broken, target at 4,050 to 4,000.
To the north: test position at 4,100 to 4,050, defend at 4,000, stop loss at 50 points, target at 4,150 to 4,200, if broken, target at 4,250 to 4,300.
Specific operations should be based on real-time market data. For more details, you can consult the author. There may be delays in article publication; suggestions are for reference only, and risks are borne by the reader.