Zhou Yanling: 8.11 Today's Bitcoin BTC and Ethereum ETH Latest Market Trend Analysis

This market trend is really disappointing, during the day it was testing 65500, but by night it slid directly to around 64200. There is no strength to push up, and the decline is dragging and not deepening. The multi-timeframe analysis is weak, lacking upward momentum, while there is support preventing further decline. It is stuck in the middle and being pulled back and forth crazily, so the most comfortable approach is to trade during the fluctuations. Currently, looking at the daily chart of Bitcoin, it has peaked and retraced, touching the short-term moving average, with the Bollinger Bands continuously converging, still holding a transformation signal. The RSI has reached 48, which is neutral to weak, indicating a decline in bullish momentum. The key support level is still around 63500; as long as it doesn't break, it can still trade within the large range. The first resistance level above is still 65500, followed by 66400; only breaking and stabilizing above can it return to strength. The 4-hour chart has already entered a correction mode, moving averages have turned, MACD has crossed bearish with green histogram bars appearing, and selling pressure is slowly coming out. Support on the lower end is 63500; if it breaks, it will test 62600. For rebounds, first look at the strength around 64800; if it can't break through, prepare for further declines. Currently, in the 1-hour chart, the bears hold the upper hand, moving averages are entwined pointing downwards, and the RSI is close to the lower end, indicating a small possibility of a rebound, but the strength of the rebound is questionable. Short-term support is at 63500, with the first short-term resistance at 64800. If the support holds, there is a chance for recovery; if it fails, it will head straight for the key point on the daily chart.

Zhou Yanling 8.11 Bitcoin:

1. Sell at 65000-64500, stop loss above 65700, target 64000-63500

2. Buy at 63500-64000, stop loss below 62800, target near 65000

Zhou Yanling 8.11 Ethereum:

1. Buy at 1830-1850, stop loss below 1800, target 1890-1910

2. Sell at 1910-1890, stop loss above 1940, target 1850-1830

[The above market analysis is for casual reference only and does not constitute investment advice!]

This article is exclusively and originally shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling 8). The author has over ten years of experience in financial market investment research and currently primarily analyzes and guides BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contracts/spot operations. Possessing a solid theoretical foundation and practical experience, the author specializes in combining technical and news-based operations, focusing on fund management and risk control. The operating style is steady and decisive, recognized by a wide range of investing friends for a laid-back and responsible character with sharp and decisive operations.

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