8.20 Morning Thoughts #BTC #ETH

The thoughts from early morning have been validated again, with Bitcoin touching a low near 112500, while Ethereum simultaneously pulled back to its early morning low near 4060, providing a maximum space of 1500 points and 140 points for friends who followed along. During the live broadcast in the early morning, everyone was reminded to pay close attention to the support performance near 4060. From the current situation, although this position shows some support, the rebound strength remains weak, so it is still not recommended to enter long positions.

Looking at the 4-hour level, after the price surged to 124545, it significantly retraced, forming a head and shoulders reversal pattern; the subsequent rebound momentum is very weak, facing resistance near the middle band of the Bollinger Bands before declining again. The price has consecutively broken below previous key support levels, and after breaking, there has been no effective rebound, but rather an accelerating downward trend. The opening of the Bollinger Bands continues to expand downwards, with the middle and lower bands diverging downwards, clearly forming a downward channel. In terms of technical indicators, the MACD histogram continues to operate below the zero axis, with the DIF and DEA maintaining a bearish arrangement, further confirming that the short-term bearish trend is still continuing. If the rebound strength remains weak, the price may further test lower levels, so for intraday operations, pay attention to the rebound strength, focusing on a rebound from high positions.

Operation suggestion: around 113800—114200, target focus on 111800

Range: 4170—4200, target focus on 4060, break to see 3920