Market dynamics on August 9: Big reversal on Friday, need to be handled with caution
Bitcoin experienced a significant reversal higher during Friday’s trading, especially during the early afternoon intraday moves.
The news supports this rebound, but we still need to be cautious in operations, especially the strategy during the callback phase.
The current focus is on the $64,000 pressure level, which is located in the daily MA120 area and is the dividing line between bulls and bears. It is also the key hub of the 0.382 Fibonacci retracement.
If Bitcoin can successfully break through this pressure level and continue its upward trend, the overall market trend will return to the upward channel, possibly ushering in a full reversal.
However, if it fails to break through this pressure level, it may enter the box range. Next, you need to pay attention to the support level of $57,500, which is the first pressure measurement top-to-bottom transition area in the early stage.
In early trading, investors have been advised to avoid random operations and maintain positions in the $62,000 area.
It is currently necessary to observe the intensity of this round of correction, especially whether the integer mark of $60,000 can maintain support.
Based on the callback situation, decide whether to further arrange short-term long orders.
Ethereum and SOL move in sync with Bitcoin and require similar strategies to deal with market fluctuations. Keep an eye on key support and resistance levels and develop a corresponding operation plan.
