August 17, when the wind rises from the ends of green duckweed; when waves form between slight ripples, good morning on Monday!
Currently, the large “biscuit” continues to shrink in volume and trade in a narrow 627–633 range. Throughout the day, trading volume keeps declining. Neither bulls nor bears have managed to break out with an effective level, so the market has entered a grind-down phase before a turning point. In the short term, repeated stop-and-scan of the range will become the norm.
From a technical perspective: on the daily timeframe, price is trading below the short-term moving averages. The 20–60 day moving averages form a strong resistance band at 633–638. On the hourly timeframe, the short-term range is clear. The oscillation center has shifted slightly lower. Bulls have repeatedly tested the overhead resistance, but failed to stand above it with meaningful volume. Support beneath has gradually moved down, now testing the 625 line. Once a breakdown occurs with increased volume, the room for further pullback will open up even more.
On the macro front: this week does not have any major news likely to significantly sway price action. On Thursday, the initial jobless claims could be the only potential catalyst for a turning point. In addition, spot ETFs have recently again shown phase-specific net outflows. Institutional funds are currently somewhat cautious, with insufficient incremental capital to directly push for a large-scale one-way rally.
In summary, for intraday short-term trading: suggestions are to look for a pullback near 625 to go in (hold), with a target at 638. If the level breaks, look for 645$BTC #美SEC取消加密规则制定会议
Currently, the large “biscuit” continues to shrink in volume and trade in a narrow 627–633 range. Throughout the day, trading volume keeps declining. Neither bulls nor bears have managed to break out with an effective level, so the market has entered a grind-down phase before a turning point. In the short term, repeated stop-and-scan of the range will become the norm.
From a technical perspective: on the daily timeframe, price is trading below the short-term moving averages. The 20–60 day moving averages form a strong resistance band at 633–638. On the hourly timeframe, the short-term range is clear. The oscillation center has shifted slightly lower. Bulls have repeatedly tested the overhead resistance, but failed to stand above it with meaningful volume. Support beneath has gradually moved down, now testing the 625 line. Once a breakdown occurs with increased volume, the room for further pullback will open up even more.
On the macro front: this week does not have any major news likely to significantly sway price action. On Thursday, the initial jobless claims could be the only potential catalyst for a turning point. In addition, spot ETFs have recently again shown phase-specific net outflows. Institutional funds are currently somewhat cautious, with insufficient incremental capital to directly push for a large-scale one-way rally.
In summary, for intraday short-term trading: suggestions are to look for a pullback near 625 to go in (hold), with a target at 638. If the level breaks, look for 645$BTC #美SEC取消加密规则制定会议