Technology is becoming 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 implementing 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 take-profit. Willing to accept losses and confidently win. Making trades is a process of solving various psychological barriers brought by investment and reshaping one's behavior.

Market Review:

Bitcoin continued the narrow range oscillation trend from last weekend during the day, with a fluctuation range of no more than 200 points. In the evening, the bears exerted force, leading to consecutive declines to around 28700, followed by a rebound with a bullish candlestick, ultimately ending this round of decline by breaking through the 28800 support. In the early morning, the bulls traded with volume, pushing the price up, reaching as high as 29280. Our intraday long position layout also successfully gained a certain profit space. After a slight pullback, the current price has returned to the previous day's oscillation high near 29200.

From the perspective of the daily chart structure, the overall weak structure is clear, and the early morning dip broke through the key support. Although it was only a false break, it indirectly increased the downside risk. In order to break the range oscillation structure and move downward on the daily chart, it must break through the support for two consecutive trading days and hold steady. Whether it will rely on support for a rebound again or adjust and test for a second time before breaking downward remains to be seen. After 5 consecutive bullish candles in the 1-hour candlestick chart, a stagnant rise adjustment is underway, the Bollinger Bands are widening, the price is running below the upper band, and the MA5-MA10 is in a golden cross upward trend. Bullish sentiment is high, and a short-term rebound is expected during the day, but the strong resistance at 29500 remains. Short-term attention should be paid to the breakthrough situation at this level.

Trading Suggestions: (Published on: 2023.8.8 11:50)

BTC: Long near 28800, target 29450-29700, breakthrough target 30000-30400, short if not broken, around 29800.

ETH: Long near 1810, target 1850-1870, breakthrough target 1890-1915, short if not broken, around 1880.

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 positions, wait in cash. Friends who are unsure about entry points can follow the official account below to get real-time entry points based on the market conditions.

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