8.29 BTC Midday Analysis
This week, the big coin has still been very strong. For everyone who’s been holding the positions from the ground up, the ticket allocation has already been achieved—congratulations to you all.
Currently, BTC has pulled back from above 81,000 to around 77,000. On the surface, it looks like the market cooled due to a more hawkish remark from the Fed Chair Wosch: “anti-inflation still has more work to do.” But if you dig deeper into the news flow, this round of pullback is precisely the second re-entry window that bulls rarely get. Technically, the price has accurately retested and bounced near the lower Bollinger Band around 77,000; bearish momentum on the MACD is weakening; and exchanges have recorded net outflows of BTC for five straight days. In the short term, the pullback is more of an emotion-driven disturbance caused by Wosch’s speech, rather than a fundamental reversal. Once panic sentiment is digested, the combined force of short covering and continued institutional buying will push the price to recover above the mid-band at 78,900, and possibly challenge the $81,000 level again.
Yi Fan’s personal suggestion: 77000–76000… the weekend target isn’t that big; first look at 1000… When it holds above 78,000, then look higher: #BTC #ETH $SNDKB
This week, the big coin has still been very strong. For everyone who’s been holding the positions from the ground up, the ticket allocation has already been achieved—congratulations to you all.
Currently, BTC has pulled back from above 81,000 to around 77,000. On the surface, it looks like the market cooled due to a more hawkish remark from the Fed Chair Wosch: “anti-inflation still has more work to do.” But if you dig deeper into the news flow, this round of pullback is precisely the second re-entry window that bulls rarely get. Technically, the price has accurately retested and bounced near the lower Bollinger Band around 77,000; bearish momentum on the MACD is weakening; and exchanges have recorded net outflows of BTC for five straight days. In the short term, the pullback is more of an emotion-driven disturbance caused by Wosch’s speech, rather than a fundamental reversal. Once panic sentiment is digested, the combined force of short covering and continued institutional buying will push the price to recover above the mid-band at 78,900, and possibly challenge the $81,000 level again.
Yi Fan’s personal suggestion: 77000–76000… the weekend target isn’t that big; first look at 1000… When it holds above 78,000, then look higher: #BTC #ETH $SNDKB
