August 24 Bitcoin Market Analysis

Overnight, the market is still immersed in the wave of Powell's interest rate cut. The timing and nodes were well-timed, as the United States gave the market plenty of time to digest and interpret this event. According to the nature of capital's pursuit of profit, the interest rate cut will induce capital outflow, so the market interprets that the rate cut will not come so quickly, and it will not be as jubilant as the market's cheers. Bitcoin fluctuated down to test 114500 and 115500; Ethereum tested 4800.

Today's key data: No data on Sunday

Technically, the structural pressure has not been broken, and the favorable news has re-entered the central zone: 115700-121300. Bitcoin's trend is still in a downward structure; however, this upward pull, in light of the favorable news, is believed to lead to a future rise to 111600, so short-term attention should be paid to structural movements. On the 4-hour chart, the strong K-line's rise and retracement are still within bullish energy. MACD shows that the fast and slow lines are significantly pressured near the zero axis, indicating signs of a potential death cross. The momentum bar is shrinking above the zero axis.

Bitcoin Summary:

Long at 114700, stop loss at 114300, direct line 115500-11650

Short at 115400, stop loss at 115700, direct line: 114700

Ethereum:

Technically, the downward structure has been broken, and the main structure has formed. This favorable upward pull opens up upward space; breaking 5000 is just a matter of time. Short-term attention should be paid to the rapid upward pull, which needs to solidify the foundation, and corrections will occur. On the 4-hour chart, the channel K-line has broken upwards, and the upward structure has developed from 4060. The break point tests the pullback to seek further upward opportunities. MACD indicates that the fast and slow lines need to run towards a death cross after being pressured above the zero axis. The momentum bar continues to shrink.

Ethereum Summary:

Long near 4767, stop loss: 4753, direct line 4800-4830-4870, looking for new highs.

Short at 4865, stop loss 4887, direct line 4750-4800-4830.