Cryptocurrency News

August 8th Hot Topics:

1. Data: 200 million USDT transferred from JustLend to Sun Yuchen's wallet
2. Tether CTO: Redeemed over 325 million USDT today
3. Reserve: Purchased a total of 2.5 million CRV last week, funded by a $20 million investment plan
4. Expert: It is unlikely that the US cryptocurrency tax rules will take effect in 2024
5. CoinShares: Institutional investors have stopped shorting Bitcoin for the first time in three months

Trading Insights:

1. Sometimes the best trade is not to trade at all. Learning to rest and reducing mistakes increases the ability to profit. The purpose of trading is to make money. When the potential profit of the position is not significant, reduce the investment scale or exit the market completely.
2. Most of the time, the market is not worth trading (or not worth heavily trading). Do not rush in these times, be patient, and professional traders should rest and prepare to seize the few opportunities for heavy trading in the market.
3. Gradually develop the mindset and habits of long-term trading. With the trading target set, do not overly focus on the market's development process.
4. Develop your own trading decision-making system and have your own perspective on the market. Have a certain ability to foresee the market. Only trust your own thoughts during trading and try to eliminate external interference. In short, respect the market and believe in yourself.
5. No one can truly predict the entire market development process. You can use relatively correct analysis to approach the reality of the market, but always include a reasonable trading strategy. Only facts and the market have the final say.
6. The process of trading is a process of learning. Regularly check your trading mindset and psychology. Strive to listen to your inner voice.
7. Think carefully and take the initiative. Trading requires a reason, and this reason should at least convince yourself. Never put yourself in a situation where you are unable to stop in the market.
8. To be a good trader, first be a good person. In life, be strict with self-discipline, maintain physical and mental health, and strive to improve your trading realm and wisdom.

Search for the public account: Big White Coin

BTC

Analysis:

Bitcoin has been in a sideways trend in recent days with little fluctuation. Yesterday, it showed a downward trend overall, dropping to the support rebound line at 28706 and reaching a resistance at 29280. Currently, the price is running near 29194. The four-hour MACD is in a bullish state with a golden cross, and the K-line rebounded to the support near the trend line. The overall market is still in a range-bound state, with no breakthroughs in either direction. The MA moving average trend is chaotic, showing no signs of continuation in the short term. The daily K-line rebounded with a small force, and the MACD showed a shrinking bearish volume with converging lines. If it can break through 29400, there is an opportunity for continuation; otherwise, it will continue to oscillate. Short-term strategy suggests treating high and low positions, with resistance at 29400-29600 and support at 29000-28800.

ETH

Analysis:

Ethereum's trend yesterday was consistent with Bitcoin, rebounding after a pullback. The intraday market fell to the support rebound line at 1802 and reached a high of 1834. Currently, the price is running near 1830. The four-hour market quickly rebounded after the pin insertion, with the K-line turning from negative to positive. The short-term bearishness weakened and the bullishness strengthened, with the MACD in a bullish state with a golden cross. The rebound strength is limited by the MA30 resistance, and it is expected to continue to oscillate. On the daily chart, the upward trend touched the trend line and then fell back. The support at 1800 has not been broken, and the overall view is still bearish. There is still demand for short-term oscillation at the top, and the strategy suggests treating high and low positions, with resistance at 1840-1860 and support at 1800-1786.

Disclaimer: The above content is for personal reference only and does not constitute specific operational advice, nor does it bear legal responsibility. The market situation changes rapidly, and the article has a certain lag. If there is anything you don't understand, feel free to ask for advice.

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