8.29 Bitcoin and Ethereum Morning Market Analysis and Trading Suggestions

CN
10 hours ago

Morning Analysis: From the 4-hour chart of Bitcoin, the price has stopped near the resistance level of 113500 after experiencing three consecutive bearish candles. The overall upward movement is not very strong, and the Bollinger Bands are currently showing an opening state. From the 1-hour chart, an upward trend is evident, gradually validating the upward trend shown in yesterday's analysis. As long as the Bitcoin price continues to break through resistance levels, it is expected to enter a medium-term upward trend.

From the 1-hour trend of Ethereum, the price fell below the middle band of the Bollinger Bands last night and has not been able to effectively break through since. However, it formed a double top at the bottom in the early morning, connecting four consecutive bullish candles, breaking the three-three rule at the position of 4500, but it has not stabilized and is still under pressure. Currently, the market is oscillating in the B central area, and it is time to choose a direction. Key support levels are 4378 and 4456, while key resistance levels are 4580 and 4630.

Trading Suggestions: For Bitcoin, consider buying near the 111400-111800 area on a pullback, with a stop loss at 110800. The target is to reach the 113000-113500 area, and if broken, look for the 114000-114500 area. If it does not break, consider shorting.

For Ethereum, consider buying near the 4450-4420 area on a pullback, with a stop loss at 4370. The target is to reach the 4560-4580 area, and if broken, look for the 4630-4680 area. If it does not break, consider shorting.

This strategy is for reference only; the market changes rapidly, and securing profits is essential. (For real-time updates, follow the public account: Ethereum Kai)

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