Preface: Investment carries risks, and operations should be cautious.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Article writing time: August 23, 10:02 AM Beijing Time
Market Information
- Federal Reserve's Musalem: Employment market risks may affect policy interest rate adjustments;
- "Main short positions" saw a total liquidation of $386 million across the network in the last 24 hours, with short positions liquidating $242 million;
- Analysis: The Federal Reserve's dovish shift has triggered market frenzy;
- After Powell's speech, the probability of a rate cut by the Federal Reserve in September rose to 91.1%;
- CFTC awaits a new chairman, with acting chairman Pham beginning to advance cryptocurrency business;
Market Review
Bitcoin has been experiencing a downward trend recently, with short-term lows breaking the previous short-term low of 111850, reaching 111698. Last night, influenced by Powell's speech, there was a rapid rebound in the late session, currently rebounding from 111698 to 117397. Ethereum recently dropped to a low of 4202, with the support at 4000 still holding. Last night, it also rebounded, with a stronger momentum than Bitcoin, currently reaching a rebound high of 4888, breaking the previous short-term high;
Market Analysis
On the daily chart, Bitcoin was testing short-term lows downward before Powell's speech. The short position we set up at 4600 reached the target range of 112000-111000, with profits of at least 2600 points. Last night, the market leaned towards Powell's hawkish remarks, and with Bitcoin refreshing its short-term low, there were many short positions in the market. The late session rebound liquidated a significant portion of these shorts, which was an unexpected event. Here, I remind everyone again, when trading, do not be stubborn; if you are wrong, recognize the loss and exit in time, waiting for the next opportunity. Preserving more capital when wrong can create opportunities for profit. Back to the market, Bitcoin's recent rebound was influenced by news, and this can also be seen as effective support at the 112000 level. Currently, Bitcoin's rebound faces a dense area of selling pressure above. The rebound to 120000-122000 is about the limit, so do not be overly bullish. In trading, consider making low long positions first, and after rebounding to around 120000, then consider shorting. For short-term trading, you can make long positions around 115000, with a stop loss at 113000 and a target in the 118000-120000 range. Manage your entry opportunities; for short-term trading, control risks and manage your own profits and losses;
Ethereum
On the daily chart, Ethereum's performance has consistently been stronger than Bitcoin. After the previous drop, Ethereum tested around 4000 for the first time and did not test it again. The short position we set up near 4240 was swept away before this wave of increase, but the loss from that position was offset by the previous trade. Last night, Ethereum surged, breaking the short-term high of 4794 and reaching 4888. Looking at the chart, Ethereum still needs to continue its upward movement, with weakness in the downside and strong bullish momentum. In trading, just go long on pullbacks. Ethereum has already broken its historical high, and the expected target in the future is around 5300-5350. For short-term trading, Ethereum long positions can be entered directly, with the current price around 4770, a stop loss at 4650, and a target of 4950-5000. Manage your entry opportunities; for short-term trading, control risks and manage your own profits and losses;
In summary:
Ethereum has broken new highs, and Bitcoin has also rebounded, with further increases expected in the future;
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." 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 going, every person in the crypto world.
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