Technology is getting simpler, and the mindset is gradually becoming simpler. Now is the time to wait, to dare to pursue, to dare to stop loss, and to make a profit. The process of executing the rules of the currency market is also a process of convincing oneself, constantly persuading oneself to become better. The cultivation of human nature begins with stop-loss and profit-taking. Willing to accept losses, and confidently winning. Making trades is a process of solving various psychological barriers brought by investment, and also a process of reshaping one's behavior.

Market Review:

Yesterday, the overall market of the major cryptocurrencies was in a narrow range of oscillation until the announcement of the CPI in the evening. The market rebounded slightly to a high of 29740, but did not continue effectively. Instead, it quickly fell back and oscillated downward to a low of 29323 before stabilizing near 29400.

Market Analysis:

In terms of the trend structure, the previous small-scale retracement indicated that there is still downward space in the future market. It has changed the short-term trend structure direction while breaking through. However, with the halt of the decline at a low level, a small rebound trend has begun. The short-term structure is also quite obvious, indicating a turning point within a small range. From a technical perspective, the running channel on the four-hour level shows a narrowing upward trend, and the five consecutive declines have caused the price to weaken temporarily. The moving average has shown signs of turning, and the downward trend has been blocked. The strong bottoming trend in the short term indicates that a breakthrough in the rebound is only a matter of time. On the one-hour level, the running channel is releasing downward space, and the price is weakly trending downward, but it has not formed a significant decline under the lower rail. There is a clear recovery in the downward trend, and the moving average is trending upward, indicating resistance to the downward trend. Our strategy going forward is to maintain a focus on long positions at low levels.

Looking at the short-term level, the price experienced a slight decline until it was supported by the middle rail, but the bulls did not quickly recover. Instead, they continued to test the lower points with consecutive declines, but the trading volume did not provide support. This has led to a struggle between the bulls and bears. However, considering the stabilization of the weekly K-line and the daily K-line being at the middle rail, it is advisable to maintain a long position in the operation.

Trading Suggestions: (Published on: 2023.8.11 11:00)

BTC: Long in the 29000-29200 range, with a target of 29700-30000. Stop loss below 28800.

ETH: Long in the 1820-1830 range, with a target of 1860-1880. Stop loss below 1800.

Disclaimer:

The market changes rapidly, and the market fluctuates quickly. Personal opinions and suggestions are not real-time and are for reference only. If there are no specific points, stay out of the market and wait. For those who are uncertain about entry points, you can follow the official account below to get real-time points based on the market conditions.

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