Market analysis on August 7th: Bitcoin's short-term rebound at the 1-hour level, possibly forming a 1-hour consolidation.

Daily Sharing

In yesterday's article, we mentioned observing a short-term retracement at the 1-hour timeframe, and today it has successfully emerged. Currently, the lowest retracement at the 1-hour timeframe is around 54260, without reaching the expected 53000 level. It is highly likely to construct a 1-hour consolidation here and then continue with a downward retracement towards the 63000 level. Therefore, in the short term, patience is required to wait for the structure to emerge, and currently, attention is on the strength of the 1-hour rebound.

For Ethereum, it needs to be observed whether it continues to break through 3150. If it does, the retracement at the 4-hour timeframe may have ended. If not, there may be another downward retracement at the 1-hour timeframe. Specific trend expectations can be seen in the graphical analysis in this article.

BTC

Due to the rapid changes in the market in the short term, the article can only make predictions about the market changes at the moment of publication. Short-term players should pay attention to the latest market changes and use the information as a reference only.

1H:

At the 1-hour timeframe, there is currently a rebound in progress, with the expected target of the rebound around 58000 to 59000. As long as it does not effectively break through 59500, it is inclined to consolidate a 1-hour consolidation here, and then continue with a 1-hour downward retracement breaking below 53485, with the expected retracement to around 53000 or 51500, to end the third 4-hour downward retracement at the daily level.

Of course, if the short term effectively breaks through 59500, it needs to be considered that there may be a possibility of directly starting a new 4-hour rebound.

The current 1-hour rebound is not yet over, so patience is required.

15M:

At the 15-minute timeframe, there should be a 15-minute retracement in the short term, expected to occur until tomorrow morning. Pay attention to the retracement around 56500 and 56000, and then in the morning, pay attention to whether 59500 will be effectively broken through. If not, there is still a chance to retrace to 53000 again.

ETH

Ethereum is currently also undergoing a 1-hour rebound, expected to continue until tomorrow morning. Specifically, look at whether 3150 will be broken through. If not, there will be a 1-hour consolidation here, followed by a continued downward retracement towards around 2750. If 3150 is broken through, Ethereum may directly start a 4-hour rebound. In the short term at the 15-minute timeframe, patience is required for a 15-minute retracement and the third 15-minute rebound. Short-term support is at 2960.

Trend Direction

Weekly timeframe: Downward direction, currently undergoing a downward trend at the weekly level. After this downward trend is completed, there will be a new upward trend towards 100,000+ at the weekly level.

Daily timeframe: Downward direction, currently undergoing a retracement from around 72000 at the daily level. Pay attention to the 50000 level below.

4-hour timeframe: Downward direction, continue to wait for the third 4-hour downward retracement to retrace to around 53000 or below. If the short term effectively breaks through 59500, it is inclined to start the 4-hour rebound earlier.

1-hour timeframe: Upward direction, currently undergoing a 1-hour rebound in the short term. Pay attention to the resistance at 59500.

15-minute timeframe: Downward direction, in the short term, there will be a 15-minute retracement, followed by the third 15-minute rebound.

Market analysis on August 7th: Bitcoin's short-term rebound at the 1-hour level, possibly forming a 1-hour consolidation.

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