Preface: Investment carries risks, and operations should be conducted with caution.
Article review takes time, and there may be delays in publication. The article is for reference only, and you are welcome to read!
Article writing time: August 12, 13:00 Beijing time
Market Information
- The U.S. spot BTC ETF has seen a net inflow for four consecutive trading days, reaching $951 million;
- ANZ Bank: The Reserve Bank of New Zealand may continue to cut interest rates;
- JPMorgan warns that the Federal Reserve's interest rate cuts may exacerbate inflation;
- Bank of America: High inflation and tariff impacts may hinder the Federal Reserve's rate cut in September;
- Trump's team expands the list of candidates for Federal Reserve Chair;
- Senate Democrats criticize the Republican cryptocurrency draft for potentially evading regulation;
Due to personal matters, there has been a break in updates recently. Thank you for your understanding! Starting today, updates will resume continuously!
Market Review
Bitcoin fell to the 111,850 position before continuously rising to the current high of 122,450, not breaking the previous high of 123,300; Ethereum retraced to the 3,353 position before continuously rising to the current high of 4,370, once again breaking the previous high, but not surpassing the historical high of 4,877;
Market Analysis
Bitcoin
From the daily chart, Bitcoin's previous drop to the 111,850 position did not reach the support level. The support from the previous drop is in the 107,700-103,500 range. Since it did not reach this range and rebounded, it indicates that the market bulls are strong, and the market is showing bullish strength. However, Bitcoin's rise has not broken the previous high of 123,300. The pressure level for this rebound is 120,850, which pierced but closed as a pin bar. This kind of movement can be seen as effective pressure. The daily close formed a bearish hammer, which signals a potential decline. In trading, we can set up positions based on this signal. This pullback is not expected to be deep, with an estimated range of 116,000-114,200. Short positions can be set up directly around 119,100, with a stop loss at 120,800 and targets at 116,000 and 114,200. After reaching these targets, we can consider long positions based on the closing situation. Please manage your entry opportunities; for short-term trading, control risks and manage your own profits and losses.
Ethereum
From the weekly chart, Ethereum has effectively broken through the strong resistance at 4,000. In previous attempts to rise, it faced pressure and experienced varying degrees of pullback. Currently, from a larger perspective, Ethereum remains in a strong bullish position, and the 4,000 resistance will now become support. On the daily chart, Ethereum has also closed two bearish doji candles, indicating a pullback signal. However, the market is not expected to experience a significant pullback. The demand for Ethereum's pullback is not large; if Bitcoin pulls back, Ethereum will likely test around 4,000 before starting to rebound. In trading, the main strategy for Ethereum is to go long on pullbacks, with short positions as a supplement. If Bitcoin shows a bearish signal, Ethereum can move in and out in sync with Bitcoin. Currently, around 4,315 is a good entry point, with a stop loss at 4,400 and targets at 4,100-4,000. After reaching the target, consider entering long positions based on the trend. Please manage your entry opportunities; for short-term trading, control risks and manage your own profits and losses.
In summary:
Bitcoin has short-term pullback signals, while Ethereum is strong; after a pullback, it can be positioned for long trades.
The article is time-sensitive; please be aware of the risks. The above is only personal advice and for reference only!
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