8.1 Friday Night Bitcoin Ethereum Market Analysis and Trading Suggestions

The direction is wrong, efforts are in vain. In the coin circle, if the direction is wrong, efforts are accelerating death. You think you can outpace the market with hard work, but every step you take is moving away from the direction of money. In the afternoon, the market continued to show a bearish trend, with Bitcoin's price plunging to a low of 1141506 before stabilizing, currently slightly rebounding to around 115100. At the same time, Ethereum also weakened synchronously, touching a low of 3586 support before stopping its decline. The bearish strategy we provided at noon has been validated by the market again. Specifically, in operations, we set up short positions at the Bitcoin price level of 115600 and successfully exited at 114500, capturing a space of 1100 points; for Ethereum, we entered a short position at 3653 and ultimately realized profits at 3598, securing a stable gain of 55 points. Overall, the afternoon swing trading strategy was executed well, achieving ideal results.
From the current technical formations on the market, a clear bearish dominance has emerged. On the daily chart, the candlesticks have formed a standard five consecutive bearish pattern, indicating the continuous release of bearish strength. On the 4-hour chart, there have been 6 consecutive bearish candlesticks, and this multi-timeframe resonance in the downward movement further reinforces the bearish atmosphere in the market. From the technical indicators, the MACD indicator shows a death cross on both the daily and 4-hour charts, and the bearish momentum bars continue to expand; the RSI indicator has entered the oversold area but has not yet shown any significant divergence signals. Currently, prices have broken below several important moving average supports, and these technical signals all indicate that the market will continue to maintain a weak pattern in the short term. At this moment, before any obvious bottom reversal signals appear, do not blindly attempt to catch the falling knife. With the upcoming news on the Non-Farm Payroll and unemployment rate in the evening, we still maintain a bearish outlook. Aggressive traders may enter short positions at the current price to seize the opportunity, while conservative friends can wait for the news to unfold and follow the trend to seize opportunities.
Bitcoin: Short position can be taken around 115300-115600, with a short-term target of 113000.
Ethereum: Short sell around 3640-3660, short-term target 3520 #6 BTC全民空投限时派送中# #Gate Alpha积分撸40U# #白宫加密报告发布#