Preface: Investment involves risks, please proceed with caution.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Time of writing: August 8th, 18:04 Beijing time
Market Information
- The Bank of England is advancing the systemic stablecoin regime plan, and stablecoins will be jointly regulated by the central bank and the FCA.
- BlackRock's Bitcoin ETF has sparked industry controversy.
- CPI is unlikely to become a catalyst for Bitcoin's rise.
- U.S. digital asset policies should be formulated by Congress rather than the U.S. Securities and Exchange Commission.
- Chairman of the U.S. House Financial Services Committee: Stablecoins issued under a clear regulatory framework are expected to become the cornerstone of the 21st century payment system.
Market Review
Yesterday, we were waiting for the market to rebound before going short, but the market did not rebound as expected and instead fell directly. The long positions near 29,000 from yesterday were breakeven, with no losses incurred. After exiting the long positions in Ethereum, there was no opportunity to enter short positions. Overall, there were no losses yesterday. This wave of decline was not harvested. The low point of Bitcoin was at 28,701, not breaking the low point of 28,585. Ethereum fell below 1808 to reach 1800. The market subsequently rebounded to the previous position before the decline. Overall, it is still in a state of oscillation. There will still be small rebounds in the intraday market, and we will go short after the rebound.
Market Analysis
BTC:
Looking at the 4-hour chart, Bitcoin's decline did not break the previous position of 28,585 and then rebounded above 29,100, indicating that this short-term rebound trend has not been broken. Breaking the position of 28,585 can break the short-term rebound trend. Bitcoin will have a rebound opportunity during the day. After the rebound, we will go short. Overall, it still belongs to the short side. The short-term rebound target for Bitcoin is in the range of 29,530-29,760. After reaching this range, we will go short. This short-term long position can be lightly held, with the target range being 29,530-29,760. After reaching this range, go short near 29,760, stop loss at 30,050, and target 28,300-27,500. Short-term trading, control the risk, and manage profits and losses on your own.
ETH:
Looking at the 4-hour chart, Ethereum's trend is somewhat different from Bitcoin's. Ethereum's decline yesterday broke the short-term low point of 1808 and refreshed the short-term low point. Overall, looking at the 4-hour chart, Ethereum is running in a downward channel, and its trend is relatively weaker compared to Bitcoin. This wave of Ethereum may not rebound as high as Bitcoin. There may be a short-term pullback before rebounding. The operation of Ethereum is different from Bitcoin. Ethereum can go long near 1808 in the short term, or wait to go short near 1860 after the rebound. Going short near 1860, stop loss at 1890, and target near 1780. Long positions near 1808 should be short-term only. Short-term trading, control the risk, and manage profits and losses on your own.
In summary:
After the short-term decline, the market returns to its original position, and there is still an opportunity for a short-term rebound, with a focus on going short at higher levels.
The article is time-sensitive, pay attention to the risks, the above is only personal advice, for reference only!
Follow the public account "Coin War God" to discuss the market together.
Trading's greatest pain is not misjudging the direction, but that the right direction is late. The rise and fall of the market is the verification of judgment, and time is the boundary of verification. Short-term traders play within the boundary, while long-term traders often play with the boundary. Probability is not the only indicator for judgment. The most important thing about probability is the risk-reward ratio. If a single profit is enough to cover multiple losses, then probability is not so important.
When it comes to trading, we are not here to avoid risks, but more importantly, to pursue profits. Excessive self-denial and implication will turn into cowardice. The more you fear, the more it will come. The market will not pity anyone. Blind arrogance is not advisable, but excessive timidity is also frightening.
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