Cryptocurrency trading is a long-term plan, not something that can be achieved overnight, so one should not be too hasty. Even if there are short-term losses, there is nothing to fear. As long as the subsequent direction is chosen correctly, what has been lost will eventually return. However, it is important to grasp the timing of trades and the current market trends to increase the win rate. At the same time, investing is also a process of growth. Mr. Coin suggests that all cryptocurrency friends should learn while trading, summarizing both profits and losses in a timely manner to deepen their understanding of risks and to plan a correct mindset. This way, risks can be reasonably avoided, and one can become a qualified investor.

Mr. Coin's Cryptocurrency Market Analysis Reference for August 9: Bitcoin (BTC)

After a rebound during the day, the overall situation of Bitcoin has improved, with prices finally stabilizing above 116,000. Although it briefly touched around 117,500, it quickly fell back, and the market has entered a phase of high-level consolidation. The focus going forward is still on the daily resistance level at 116,800, which has been touched multiple times and serves as a dividing line between bulls and bears. If it can break through and stabilize, the expected increase will continue, and the trend is likely to return to an upward posture.

From the short-term hourly chart, the Bollinger Bands are narrowing, and the price is slowly moving above the five-day moving average. However, the upward momentum is currently weak, so it is not recommended to blindly chase long positions in the short term, as there is a risk of the market being pressured and falling back again. The short-term market is showing a wide range of fluctuations, and there are no signs of breaking out, so the strategy should maintain high short and low long positions. The upper resistance is focused on the 116,800 area, while the lower support is at the 115,000 level.

Bitcoin Market Analysis Reference for August 9:

Short position entry point in the 117,500-118,800 range, with a stop loss at 119,000 and a target below 116,500.

Long position entry point in the 115,000-116,000 range, with a stop loss at 113,500 and a target above 116,700.

Mr. Coin's Cryptocurrency Market Analysis Reference for August 9: Ethereum (ETH)

Ethereum has broken through and continued to reach new highs as expected. As of the time of writing, it has touched around 4,070 and is under pressure, showing a pullback. The short-term market remains in a high-level consolidation, with prices having risen by nearly 200 points so far, but the overall upward trend remains unchanged. Going forward, wait for a pullback to touch support before considering entering long positions.

Ethereum's market has returned to the previous upward trend after breaking out, and the price has reached a new high during the day, further opening up space above. The overall direction for Ethereum has not changed, so the strategy should maintain a long position in line with the trend. If it reaches new highs again, there is a possibility for the price to move further towards the 4,100 level. Short-term support levels to watch are 3,950 and 3,930.

Ethereum Short-term Reference for August 9:

Short position entry point in the 4,100-4,150 range, with a stop loss at 4,350 and a target below 4,050.

Long position entry point in the 3,865-3,925 range, with a stop loss at 3,700 and a target above 3,980.

The article may have delays in sending, and the strategy suggestions are for reference only. The market changes rapidly, and regardless of how confident one is in market judgments, it is essential to manage take-profit and stop-loss levels properly. For more real-time strategies and online technical learning, follow the official account of Mr. Coin (币圈币先生) for ways to add: the first ten each day can receive free strategies for resolving positions.

For more real-time strategies daily, you can follow my official account. You can learn online about market techniques, resolving positions, etc. I have researched the market for many years, studying the major trends in the cryptocurrency space, and have studied extensively in the U.S., mainly analyzing and guiding BTC, ETH, DOT, LTC, FIL, EOS, BCH, ETC, and other cryptocurrencies. I welcome all cryptocurrency friends who are unsure about trading to study and learn together.

This article is exclusively shared by Mr. Coin and represents his unique views. There may be delays in sending the article, and risks are to be borne by the reader. Manage positions reasonably and avoid heavy or full positions. Mr. Coin wishes all fans to achieve financial freedom, moving forward together. In the depths of time, hold onto understanding. In investing, one must learn to be optimistic. Do not let your future self dislike your present self. We live authentically, but not every data revelation needs to be taken too seriously. Let the past be the past, and let the future come quickly! Take good care of yourself, prepare well, and be ready to set off at any time. Let's go!

—— This article is written by Mr. Coin, no plagiarism allowed, respect originality!

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