✨2024.8.9 Today's Analysis✨

Yesterday, the increase of $BTC expanded rapidly, breaking through the 58,000 mark and rebounding to around 62,000. Data shows that this pull-up is mainly to pull out the short-term short-term positions around 56,000. In the price increase from 58,000 to 62,000, the short-term positions fell rapidly, but the $BTC trading volume did not rise effectively, showing a situation of inconsistent volume and price.

At present, $BTC has completed the reverse package in the 3-day cycle K-line, and the 62,000 level happens to be the daily resistance level, and it is also the Fibonacci 0.618 position. The large-scale stop loss of the air force indicates that the upward momentum is insufficient, and the short-term rebound market has entered the end. Today, there is a high probability that it will fluctuate and gradually step back. It is recommended to wait patiently for the structure to come out and avoid chasing highs.

📉Support level:

$BTC: 57000/54000-53000

$ETH: 2700-2750 (strong resistance on daily chart)

📌Later, I will release a short video to analyze the current adjustment cycle through a large cycle, to help everyone understand more intuitively how long it will take to reach the next trend.