8.10 Daily $BTC $ETH Market Analysis: Mid-month reversal—crypto won’t be quiet anymore! (Detailed breakdown; content is long but important)
First, the conclusion: Bitcoin’s prolonged sideways movement may end sometime in mid-August. From the higher timeframes down to the smaller ones, we’ll analyze this step by step for all B-friends.
Weekly: The weekly resistance around 66,000 has been tested multiple times. As long as this week or next week’s weekly close can move above the 66,000 area, the situation will be very favorable for the bulls. A weekly close above 66,000 will undoubtedly act as a bullish-to-bearish reversal for the weekly chart.
The 3-day BOLL has once again entered a narrow range and started selecting a new direction. The turning point for the daily chart—where bullish/bearish momentum may shift—is between 8/17 and 8/20. So we set the turning window to be 8/17–8/20.
Then, as long as before this turning point, the daily closing price does not fall below 62,000 as a defense level, we will prioritize looking for longs in the subsequent move. If there’s no sign of dropping, and then we reach the turning point, there’s only one choice: upward!
Back to trading: For Bitcoin, the priority may be to go long around the 63,300–63,400 range, with 62,900 also considered for long entries. 62,000 and below would be the stop-loss. This is a relatively normal “go long” scenario. The more annoying scenario would be a fake breakdown below 62,000 down to 61,800, followed by a quick pullback.
For Ethereum: First, look to go long around 1,880 and 1,850, with defense set below 1,820. The more irritating scenario would be a fake breakdown from 1,820 to 1,805, then a rebound.
Let me explain again why I’m betting on longs here: at the upcoming turning point, if key support hasn’t been broken and it rebounds, then the market only has one direction to choose: upward. So plan it properly—make your defense and execute. It may not be perfect, but it’s the best solution I believe in. You can also look for shorts, and I welcome bearish views—after all, the market hasn’t confirmed its move yet, and “Chief” is open to other perspectives.
The above is my recent market judgment and trading idea. If it helps you understand the market, please don’t hold back on free follows and likes. Thanks in advance, everyone—Chief appreciates you!
First, the conclusion: Bitcoin’s prolonged sideways movement may end sometime in mid-August. From the higher timeframes down to the smaller ones, we’ll analyze this step by step for all B-friends.
Weekly: The weekly resistance around 66,000 has been tested multiple times. As long as this week or next week’s weekly close can move above the 66,000 area, the situation will be very favorable for the bulls. A weekly close above 66,000 will undoubtedly act as a bullish-to-bearish reversal for the weekly chart.
The 3-day BOLL has once again entered a narrow range and started selecting a new direction. The turning point for the daily chart—where bullish/bearish momentum may shift—is between 8/17 and 8/20. So we set the turning window to be 8/17–8/20.
Then, as long as before this turning point, the daily closing price does not fall below 62,000 as a defense level, we will prioritize looking for longs in the subsequent move. If there’s no sign of dropping, and then we reach the turning point, there’s only one choice: upward!
Back to trading: For Bitcoin, the priority may be to go long around the 63,300–63,400 range, with 62,900 also considered for long entries. 62,000 and below would be the stop-loss. This is a relatively normal “go long” scenario. The more annoying scenario would be a fake breakdown below 62,000 down to 61,800, followed by a quick pullback.
For Ethereum: First, look to go long around 1,880 and 1,850, with defense set below 1,820. The more irritating scenario would be a fake breakdown from 1,820 to 1,805, then a rebound.
Let me explain again why I’m betting on longs here: at the upcoming turning point, if key support hasn’t been broken and it rebounds, then the market only has one direction to choose: upward. So plan it properly—make your defense and execute. It may not be perfect, but it’s the best solution I believe in. You can also look for shorts, and I welcome bearish views—after all, the market hasn’t confirmed its move yet, and “Chief” is open to other perspectives.
The above is my recent market judgment and trading idea. If it helps you understand the market, please don’t hold back on free follows and likes. Thanks in advance, everyone—Chief appreciates you!