☀BTC Major Trend: Downward

Minor Trend: Upward

Short-term Trend: Oscillating

☀ETH Major Trend: Downward

Minor Trend: Downward

Short-term Trend: Oscillating

☀From the perspective of candlestick patterns, since March 14th, BTC has experienced 5 months of repeated washing, causing many institutions, teams, and whales to be in a floating loss state, not to mention ordinary retail players and retail players led by novices, some of whom have played through their principal.

Since BTC reached a new high on March 14th, Lao Wang has repeatedly expressed the view that before August, there is a high probability of experiencing repeated golden crosses and death crosses of the daily EMA15 and EMA60, as well as important supports at 51500 and 45000. It seems to be basically correct now.

☀From the closing price perspective, BTC and ETH are still in a downtrend, especially ETH is very dangerous. BTC has shown a strong reversal in the small timeframe, while ETH's performance is weak.

☀Looking at the daily wave, from the perspective of the downtrend, BTC has only retraced to 0.618 of the first wave of the daily downtrend. If it initiates the third wave of the downtrend, and if the third wave is the same length as the first wave, it is highly likely to reach 41600 or even 33500 or lower. Don't say it's impossible, anything is possible before breaking through the starting point of the first downtrend wave at 70000. This circle is specifically for managing all kinds of dissatisfaction. From the perspective of the uptrend, BTC has closed the downtrend channel at the 2-hour level, and a pullback can be a long entry point.

☀From the external environment, the Fed's interest rate cuts, inflation resistance, recession concerns, elections, Middle East situation, and many other uncertainties are not optimistic as of today (August 10).

☀From the current miner shutdown price, the lowest is $40563, the highest is $54507, and the average is $47535. Around $47000 is likely to be a strong support.

☆☆☆Summary: Breaking through 70000 is crucial! The probability of breaking through 70000 in one go is smaller than the probability of making a bottom again or hitting a new low again. If a new low is reached, do not hesitate, the bull market is far from over.

☀BTC Upper Resistance: Around 62500-66000

Lower Support: Around 57500-51800-45000-41600

☀ETH Upper Resistance: Around 2800-3050

Lower Support: Around 2540-2222-1800

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Lao Wang's Quotes

✿Do not hold on to positions, the profits brought back will sooner or later be given back to the market because of "holding".

✿Do not guess the top or bottom, the profits gained from guessing will sooner or later be given back to the market because of "guessing".

✿Do not guess the top or bottom, because it might still be halfway up the mountain.

✿Do not rely heavily on news, because that is still "guessing" the top or bottom.

✿Do not judge the trend based on secondary chart indicators.

✿Do not easily exit a profitable position, because you might be running halfway up the mountain.

✿Do not get excited by large bearish or bullish candles, because it might be a "performance" for you to see.

✿Do not think that the market you see is the last wave of the market and act recklessly; as long as your principal is still there, there will be a market every day.

✿Do not trade frequently, it will not only make you lose sight of the big direction and increase the probability of making mistakes, but also increase trading costs, which is not worth it.

✿Do not hold on to a position against the trend, if it's right, hold on firmly, if it's wrong, run away quickly.

✿Do not buy because the price is low, and do not sell because the price is high, do not act recklessly without a change in trend.

✿Do not make trading your main occupation, do not stare at the screen, the time spent staring at the screen is inversely proportional to the profit.

✿Do not easily trust others' opinions, unless you are sure they are worth believing.

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☯The market is guessed by the majority, when it accumulates to a certain amount, it will explode in the opposite direction of the majority's guess.

☯Trading is the most difficult skill to master, the more delicate, the less risk, impatience and roughness will be extremely dangerous.

☯Qualified traders not only need to grasp the direction of the major trend, but also need to have the ability to insight into micro changes, because any major market movement starts from the one-minute timeframe and never returns…

☯Rather than envying the fish at the water's edge, it's better to retreat and set up a net.

☯Accumulating wealth of millions is not as good as having a skill.

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