8.17 Morning Analysis


From the daily perspective, after the Bitcoin retraced to the middle Bollinger band, it did not continue to decline, indicating that the middle band is not a strong resistance, but rather constitutes an effective support. The strength of this retracement is clearly insufficient, the momentum from the previous retracement has already been exhausted, selling pressure is gradually decreasing, and the momentum for a rebound is slowly emerging, which suggests that the daily level may be entering a phase of a rebound cycle.

The hourly trend of the market is clearer, with the bullish candlesticks dominating the chart, and short-term buying pressure is increasing. The death cross is showing an upward divergence pattern, and a bottom divergence structure has formed, confirming that the market trend is extending upward, with strong short-term reversal momentum.

Overall, from the daily to the hourly charts, multiple levels of signals indicate that the momentum of the market is declining, while the trend is gradually warming up. In the short term, the market in Hangzhou is expected to continue its counter-trend situation. On the trading front, it is recommended to focus on buying on dips to prepare for a potential surge in the market.

Suggestion:

Bitcoin: fluctuating around 117100-116800, with a target towards 119000
The two pancakes are hovering around 4410-4380, with a target of 4550.
#以太坊ETF突破300亿美元# #美7月PPI年率高于预期#
BTC0.1%
ETH-1.09%
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