The main reasons for the violent surge in Bitcoin and Ethereum yesterday were the release of the US CPI for August and the short squeeze. Ethereum surged directly from around 2430 to around 2667 before retreating under pressure, currently fluctuating around 2500.
From the daily chart, the bullish momentum in Ethereum has not been damaged, but the long upper shadow at high levels indicates heavy selling pressure above, causing the market to shift from a one-sided rise to high-level sideways movement. Therefore, it is not wise to mindlessly chase long positions at the daily level. The middle track support line is around 2470-2480; if it drops below this, the market may weaken and retrace deeper. If the daily support holds, then it will be a good opportunity for us to enter long positions.
It is recommended to go long around 2470-2480, with a target of around 2500-2530 (Contact ID: qiao0203)
Bitcoin peaked near 79888 yesterday and then turned downward, with the price having dropped below the middle track of the Bollinger Bands. The daily chart has shifted from a bullish upward trend to a high-level consolidation and retracement phase. Looking at the 4-hour chart, the trend is even clearer, with the Bollinger channel opening downward, and the highs continually moving lower. The low point of yesterday at 75866 forms a key watershed for the recent trend; as long as this level is not broken, the market will likely slowly rise again after some consolidation. Conversely, if the price breaks below it, we will need to reconsider the pressure levels and find new entry points.
It is recommended to go long near 76800-76300, targeting around 77800-78500 (Contact ID: qiao0203)
The market is constantly changing; the strategies provided are for reference only and do not constitute investment advice. The cryptocurrency market is extremely risky; proceed with caution in trading.
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