BTC and Altcoin Analysis August 6: Weak Rebound, Altcoins at Risk
114100 has changed from a support level yesterday to a resistance level, drawing a downward trend line. To strengthen, it needs to break through the downward trend line and create a higher high.
Yesterday, support was found at the neckline of the W bottom at 1128000, but the rebound strength looks weak.
So there is a possibility of a secondary test of the bottom in the 111900 area on the daily chart.
From the perspective of BTC.D market share, it basically replicates the movements of the previous two times, so players heavily invested in altcoins need to be cautious $BTC #加密股IPO季
ETH Analysis August 5: Strong Rise, Trend Reversal
Strongly broke through 0.618, at the 3670 position, while also breaking through a strong resistance zone, forming a reversal trend.
In the short term, draw a trend line, rising along the trend line, and you can go long along the trend line, target positions: 3820, 3880 (this is the point for going short, the pressure will be relatively high here)
After breaking through 3880, look for around 3940 and 4100 $ETH
Don't get too optimistic before breaking through the descending trend line above. It's also about trading with a perspective of fluctuations. After breaking 104000, a bottom structure was formed.
At the same time, it also retested 104000 and gained support, allowing for upward movement, aiming for around 115900, which is an important support-resistance swap position. Take profit mostly here, with the highest target being the upper descending trend line.
Once at the upper trend line, you can short down again, potentially several times, until this channel is broken through $BTC .
A bottom structure has formed, having just broken through the important resistance zone of 3530. You can chase the long position on the right side, and it's about right to set a stop loss at 1%.
In this kind of downtrend, the probability of a direct V-shaped recovery is low; we still need to see some consolidation and shaking out. Approach trading from a consolidation perspective and take profits when possible.
Key resistance level: 3675. The target for this trade is also 3675. For higher levels like 3725, 3830, and 3880, we will reassess after stabilizing above 3675. $ETH
Where have altcoins fallen? From the BTC.D market share, it has broken through the resistance level, the decline of altcoins has just begun, starting today, the altcoin month (there are no quarters, only months) ends~ entering a cold winter#加密市场回调
Draw the downward trend line, the obvious downward trend line is suppressing, this point is the most cost-effective for shorting, just set a stop loss for a breakout.
3540 has a clear resistance level; if it breaks the downward trend line and creates a higher high, recovering 3540 gives hope for a stop and rebound here.
If looking to the left, referring to the last significant pullback experience, the 0.618 point of the daily line's power point is around 3320, which happens to be a crucial resistance support position $ETH .
BTC and ETH have both perfectly reached their profit-taking positions. Next, we need to see the direction chosen by the main force.
Will there be a direct breakthrough? Or will there be a pullback to create a higher low for a bullish outlook? Or will BTC return along the bullish flag channel for another washout?
Do not try to predict these; wait for the main force to make a choice and then follow. Right now, it’s a volatile market, so take profits when you can. $ETH $BTC
波哥深度评
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Bullish
ETH Analysis (Breakthrough of Wedge Structure + Downtrend Line, Bullish)
Support was gained at the bottom of the large-scale uptrend line + wedge, and a large volume K-line was formed on the 1-hour chart, indicating a hammer pattern, which shows significant buying interest.
After breaking out of the bullish wedge pattern, it also broke the downtrend line, resulting in higher highs. The short-term target should be around 3875; if it faces resistance here and then retraces, forming higher lows, it can confirm the continuation of the bullish trend.
ETH Analysis (Breakthrough of Wedge Structure + Downtrend Line, Bullish)
Support was gained at the bottom of the large-scale uptrend line + wedge, and a large volume K-line was formed on the 1-hour chart, indicating a hammer pattern, which shows significant buying interest.
After breaking out of the bullish wedge pattern, it also broke the downtrend line, resulting in higher highs. The short-term target should be around 3875; if it faces resistance here and then retraces, forming higher lows, it can confirm the continuation of the bullish trend.
The bullish outlook of the bull flag channel analyzed yesterday still holds, and it has reached the support-resistance exchange range of 116500-116300, resonating
The hourly candlestick with a hammer pattern + high volume indicates that there is a substantial amount of capital buying in, and the momentum is still strong
Since it's a bull flag, we will watch for when it breaks out of the bull flag channel and the downward trend line, as these two lines are also generally resonating
Target after the breakout: 119800, 120800, 123000, take profit in batches $BTC
The descending trend line is suppressing the market, forming a bullish flag pattern. It's hard to say where this bullish flag can wash out; if it breaks the descending trend line + breaks the bullish flag channel + breaks 1119800, then it indicates the end of the adjustment.
Entry method: Go long near the lower edge of the channel; the key support levels are in the 116500, 115000 range.