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!
This article was written on August 7th at 17:46 Beijing time
Market Information
- Express News: US presidential candidates accept Bitcoin donations, China cracks down on blockchain-based fraudulent activities;
- Miami Mayor and US presidential candidate start accepting BTC donations and promise to support cryptocurrencies;
- Mitsubishi UFJ: The weak non-farm payroll report released last Friday and the US CPI report to be released next week should reinforce the expectation that the Federal Reserve does not need to raise interest rates further this year and help weaken the US again;
- Musk: X will pay legal fees for users who are unfairly treated by their employers for posting or liking content;
- Central Political and Legal Affairs Commission: Crack down on overseas telecommunications network fraud using new technologies such as blockchain and their domestic accomplices in accordance with the law;
Market Review
Last Saturday, we positioned for short-term longs, prepared to go short after the market rebounded. Bitcoin experienced slight fluctuations over the weekend, with the highest point reaching 29229, just a little short of the target above 29550. Currently, long positions have a small profit. In the future, we will continue to wait for a rebound before going short. Ethereum's short-term high was at 1847, reaching the target area. After the weekend's fluctuations, today also maintained a fluctuating trend, but the short-term downtrend has not changed. The trading strategy remains the same;
Market Analysis
BTC:
Looking at the 4-hour chart, Bitcoin's trend has basically had little fluctuation, staying at the bottom with small fluctuations. Although there has been no increase, the support has not been broken. Long positions near 29000 last Saturday are currently slightly profitable and can continue to be held for the short term, with a break-even stop loss, targeting the 29550-29780 range. The strategy remains unchanged, and after reaching near 29780, use the high point of 30059 as a stop loss to go short. Wait for a rebound before going short, targeting the 28300-27500 range; control risk for short-term trading, manage profits and losses by yourself;
ETH:
Looking at the 4-hour chart, Ethereum's trend is similar to Bitcoin's, with a slightly higher short-term rise than Bitcoin, reaching a high of 1847, basically reaching the target area of 1850-1865 mentioned last week. However, the rise did not extend to this range. For those who exited long positions, wait for a rebound before going short. For those without long positions, refrain from entering and wait for a rebound before going short. The bearish trend has not been broken, and the short-term support for the decline has not been broken. Currently, we are waiting for this small rebound. Recommended entry point is to go short near 1865, stop loss at 1880, target near 1780; control risk for short-term trading, manage profits and losses by yourself;
In summary:
The market still maintains a downtrend, wait for a rebound before making a layout;
The article is time-sensitive, be aware of 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 risk-reward ratio is more important. 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 true. The market will not pity anyone. Blind arrogance is not advisable, but excessive timidity is also frightening.
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