August 8th: Bitcoin market analysis and operation suggestions for today
At the daily level of Bitcoin, the price closed negative yesterday. It was originally running below the 5-day moving average, and it fluctuated and rose slowly all the way, increasing the momentum of further weak correction in the future market. At present, the price is still moving towards the 10-day moving average. The bullish sentiment does not seem to have subsided, but it is still suppressed by the counter-pressure of the middle track of the previous decline acceleration channel. Yesterday, Mr. Zhang explained in the article that the 61,000 area may be the last key resistance and the only weak bearish point. Therefore, today, the 10-day moving average near 60,000 is the first line of pressure, and the bearish adjustment is mainly.
BTC/4h chart
Bitcoin 4h level, the current K-line is moving towards yesterday's short-term resistance of 58,000. If this area is lost, it is very likely to further approach the resistance of 60,000, thereby increasing the upward momentum. Therefore, it is more appropriate to be bearish below 60,000, and 61,000 is the last defense point.
Yesterday, the price bottomed out at around 54,300 for the second time. As explained in yesterday's article, one of the 54,000-55,000 area is likely to become a short-term turning point. Teacher Zhang also verified this fact again. Therefore, today we will continue to focus on the 54,000 support. Above 54,000, we can continue to try to be bullish for the second time.
Strategy 1: It is recommended to lightly position/short at 58500~59000, cover at 60000, stop loss at 61000, and target around 56500~56000
Strategy 2: It is recommended to lightly position/long at 56000~56500, cover at 55500, stop loss at 55000, and target around 59000~60000
The above is personal advice for reference only. Investment is risky and trading should be cautious
