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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 15, 14:48 Beijing time
Market Information
- The Hong Kong Securities and Futures Commission has released new regulations for virtual asset custody;
- Powell will deliver a key economic speech on August 22;
- JPMorgan: The growth of stablecoins may drive up Ethereum prices;
- Federal Reserve's Musalem: The U.S. inflation rate is close to 3%;
- U.S. Treasury Secretary: The U.S. is building a Bitcoin reserve "as a store of value for the people";
- Russian President Putin: There is a possibility of reaching a new arms agreement with the U.S.;
- Federal Reserve's Daly: A significant interest rate cut next month is inappropriate;
Market Review
Bitcoin reached a new high at 124,539, then quickly fell, currently hitting a low of 117,094. Ethereum peaked at 4,794, close to its historical high of 4,877, and then followed Bitcoin down, currently at a low of 4,451;
Market Analysis
Bitcoin
In the past two days, whether for Bitcoin or Ethereum, we have been looking at a slight pullback. Yesterday's price also provided a pullback, but our short position was stopped out. Trading requires courage; manage risks well, and if you stop loss, you can come back. As long as you don't hold onto losing positions, it won't be a big problem. Back to the market, looking at the weekly chart, after Bitcoin broke the high, there are signs of a doji star forming at the upper high on the weekly chart. The previous high closed with a bearish candle, leading to a slight pullback. There are still 3 days left for this week's closing, so keep an eye on that. On the short-term 4-hour chart, after Bitcoin's decline, it formed a lower shadow line, with the first candle being bearish and the second bullish. Such a closing pattern suggests a rebound in the short term. The current price is still low, and this rebound is expected to reach the 121,500-123,000 range. The current short-term pullback has not broken the larger bullish trend, so do not blindly look bearish; treat the market rationally. In terms of trading, Bitcoin can be directly positioned long around 119,000, with a stop loss at 117,500, targeting the 121,500-123,000 range. Seize your entry opportunities; for short-term trading, manage risks and handle profits and losses yourself;
Ethereum
On the daily chart, Ethereum's pullback is very small, indicating that there are still many bullish positions in the market, and there has not been a panic sell-off. The opportunity for Ethereum to continue rising and breaking historical highs remains significant. On the larger weekly chart, it is currently a large bullish candle, with basically no signs of a doji. Overall, it is still strongly bullish, so feel free to go long. The current price around 4,650 can be entered directly, with a stop loss at 1,550, targeting 4,800-4,870-new highs. Seize your entry opportunities; for short-term trading, manage risks and handle profits and losses yourself;
In summary:
The short-term pullback of Bitcoin and Ethereum is just a small episode in the upward trend and does not change the bullish trend;
The article is time-sensitive, be aware of risks, the above is only personal advice, for reference only!
Follow the WeChat public account Crypto Lao Zhao to discuss the market together;
"In life, one should enjoy to the fullest, do not let the golden cup face the moon empty, cook sheep and slaughter cattle for joy, one must drink three hundred cups at once." Always retain Li Bai's boldness, "Cen Fuzi, Dan Qiu Sheng, let’s drink, do not stop the cups." Always have brothers with whom you can talk about anything. Cheers to life, cheers to the past, keep it up, every person in the crypto world.
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