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Bitcoin started a rebound from around 63400 last night and quickly surged to above 67000, catching many people off guard, especially those who had short positions near 65000 and 65500. This indicates that the short-term main force does not want to push the price too low. After rebounding from around 53500, there has been minimal retracement. Since the main force has initiated the surge, they are not keen on providing another opportunity for people to enter at a lower position. Last night also saw a turnaround, so even if there is a further retracement, it will not be too deep.

Structurally, the short-term is currently undergoing a 1-hour rebound. As for whether this 1-hour rebound can break through 68500 and continue to extend the 4-hour rebound, we continue to observe whether the area around 67900 can be further broken through. If the 1-hour rebound cannot break through, then there will be a subsequent 1-hour retracement to complete the 4-hour retracement. If it breaks through, it will be a continuation of the 4-hour rebound.

For Ethereum, it is currently undergoing a 4-hour retracement, with a short-term second 1-hour rebound expected, followed by a 1-hour decline.

BTC Medium and Long Term

Weekly Chart:

At the weekly level, Bitcoin is currently in the third wave of the weekly uptrend, which started at 53485. This weekly uptrend is expected to last for at least 4 months, until November. It is also normal for it to last for 8 months, until March next year. The overall target for the weekly uptrend is above 100,000, but the specific value will only be evaluated after the completion of the first daily uptrend within the weekly trend.

Daily Chart:

At the daily level, the overall weekly uptrend requires at least three daily uptrends. Currently, it is still the first daily uptrend within the weekly uptrend, which has not yet ended, with a target of around 90,000. There will be a subsequent daily retracement expected to occur from late August to mid-September, followed by the third daily uptrend within the weekly uptrend around late September or early October, with a target of over 100,000.

For us, it is still the early stage of the weekly uptrend, and the overall outlook is bullish. If a larger retracement is expected, it would be the second daily retracement that needs to be watched out for. Other retracements will not be too significant.

4-Hour Chart:

At the 4-hour level, it is still necessary to observe whether the current situation is the second 4-hour retracement within the daily uptrend. If it fails to break through 67900 tonight or tomorrow, it will still be considered within the scope of the 4-hour retracement, and there will be a subsequent 1-hour retracement to around 63000. However, if the short-term breaks through 67900 directly, the 4-hour retracement has not yet begun, and it will still be an extension of the 4-hour uptrend.

The next 4-hour rebound is expected to exceed 30%, so retracements are opportunities for medium to long-term positions.

BTC Short Term

Due to the rapid changes in the market, this article can only make predictions based on the market conditions at the time of publication. Short-term players should pay attention to the latest market changes and use this information as a reference only.

1-Hour Chart:

At the 1-hour level, it is currently uncertain where this 1-hour rebound will go, but it is certain that the 1-hour rebound has not yet ended. The area around 67900 needs to be monitored. If it breaks through, the trend will continue as shown by the blue arrow in the chart, aiming for 69000 and 70,000 to extend the 4-hour uptrend. If it does not break through, there is still a probability of a retracement back to around 63000. For us, it is difficult to grasp the trend, so we can only focus on key positions and prepare defensive and response strategies.

15-Minute Chart:

At the 15-minute level, it is still the first 15-minute rebound, and it is expected that there will be a 15-minute retracement later in the evening or early morning. The extent of the retracement will be observed, with attention to around 65500. Then, the third 15-minute rebound will continue to show upward momentum. Short-term advice is to wait for the retracement and, if the momentum is not strong, to wait for the next 1-hour retracement.

ETH

Ethereum is currently undergoing the second 1-hour rebound, with resistance around 3300. Normally, after the completion of the 1-hour rebound, there will be a third 1-hour decline back to around 3050. However, if the second 1-hour rebound directly breaks through 3350, the next 1-hour retracement may not break below 3087.

At the 15-minute level, there is still a 15-minute retracement and a 15-minute rebound expected. For the 15-minute retracement, attention should be paid to around 3200 or 3180.

Trend Direction

Weekly Level: Upward, with an expected new weekly uptrend targeting over 100,000.

Daily Level: Upward, with the first daily uptrend within the weekly uptrend targeting over 90,000.

4-Hour Level: Downward, if it remains below 67900, it can still be considered within the scope of the 4-hour retracement. If it breaks through, attention should be paid to the extension of the previous uptrend.

1-Hour Level: Upward, closely monitoring the strength of the 1-hour rebound.

15-Minute Level: Upward, with an expected 15-minute rebound after a short-term 15-minute retracement.

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This article is time-sensitive. Please be aware of the risks. The views expressed in this article are personal opinions and are for reference only!

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