Technology is getting simpler, and the mindset is gradually becoming simpler too. Now it's about being patient, daring to pursue, daring to stop loss, and being able to make a profit. The process of implementing the rules of the currency market is also a process of convincing oneself, constantly persuading oneself to become better. The cultivation of human nature begins with stop-loss and take-profit. Willing to accept losses and confidently win. Making trades is a process of solving various psychological barriers brought by investment and reshaping one's behavior.

Market Review:

Yesterday, during the day session, it continued to oscillate within a small range of 200 points. The midnight market showed a trend of repairing and probing upwards, but still failed to stabilize at a high level and continue to gather strength. The rhythm still maintains a state of recovery after the plunge, accompanied by slow adjustment demand. The highest point reached was around 26800, and then it began to decline. Currently, the price is oscillating and recovering near 26400.

Market Analysis:

From a technical perspective, on the four-hour chart, the narrow-range channel has been broken through, and the price's recovery state is obvious, but it has not formed a strong momentum. It is running in the upper-middle rail area, with bullish volume arrangement, forming a state of gathering strength for release. The moving average is rising, accompanied by consolidation and adjustment. The demand for short-term recovery and upward movement is strong, but the pullback is also a normal trend at this stage. The Bollinger Bands are diverging, and after a single large bullish candle broke through the upper rail, it did not receive effective continuation. Currently, there is some retracement, and it continues to run around the upper rail. Based on the recent situation, the market still tends to be flat and oscillating, with some fluctuations starting at midnight. Both bulls and bears have made efforts but have not been able to continue effectively. The KDJ three lines are converging, and the MACD bullish energy column is starting to increase. Overall, we still maintain a bearish trend. Looking at the one-hour chart, the running channel has opened upwards, and after breaking through, the price has not fallen back to the original range, but has remained in the area after the breakthrough. Bullish volume is accompanied by strong release, and the moving average is meandering. There will be a need for a pullback in the near future, but we do not expect the short-term bearish recovery, but rather a state of oscillation and upward movement. Our short-term strategy is to go short first and then long.

From the current technical structure, the daily chart has already opened the running channel to operate downwards, and after yesterday's rally, the market did not pull back as expected! At the moment, it is also oscillating around 1660-1670, on the four-hour chart. Overall, it is in a wide-ranging oscillating trend, with the moving average gradually showing a downward trend, and the overall arrangement of bullish volume is gradually decreasing. The KDJ three lines are trending downwards, and the overall structure is in a retracement trend. Therefore, our intraday strategy is to maintain a focus on short positions and consider buying on dips. In the short term, we will first look for a pullback!

Operational Suggestions: (Published on: 2023.8.24 12:30)

BTC: Go short in the 26700-27000 range, target 26000/25800, and look for 25300 if it falls below.

ETH: Go short in the 1680-1700 range, target 1640/1600, and look for 1580 if it falls below.

Disclaimer:

The market changes rapidly, and the market fluctuates quickly. Personal opinions and suggestions are not real-time and are for reference only. If there are no positions, wait in cash. Friends who are unsure about entry points can follow the official account below to get real-time entry points based on market conditions.

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