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Time of writing: 15:14, August 15th, Beijing time
Market Information
The net outflow of the US Bitcoin spot ETF was $81.36 million yesterday, with a net asset ratio of 4.59%.
Harris will deliver a speech on economic policies this Friday, possibly discussing cryptocurrency.
The total market value of cryptocurrencies is $2.11 trillion, with a 24-hour decline of 3.47%.
The US government has transferred 15,940 bitcoins to Coinbase Prime three times this year, with the first two transfers causing a 5% drop in Bitcoin price.
The majority leader of the US Senate plans to pass cryptocurrency regulatory legislation by the end of the year.
Market Review
As mentioned earlier, Bitcoin's rebound is under pressure, and attention is on the breaking of the 62,000 support level. Bitcoin has been fluctuating in the past few days, and the 62,000 level has not been broken through despite several attempts. The price fell during the day, increasing the likelihood of a direct downtrend in the future. Regarding Ethereum, we previously mentioned that it is suitable for shorting, not for going long. The rebound strength of Ethereum is weak, with the highest rebound point at 2780, and the 2860 resistance has not been reached. When Ethereum starts to decline, it will be more intense than Bitcoin. Pay attention to managing your chips for future trading.
Market Analysis
BTC:
Looking at the daily chart, Bitcoin's previous rebound failed to break through the 200-day moving average, and the 62,000 level has not been broken through several times. The current daily trend is bearish, so it's not advisable to go long. Try to short on rebounds in trading. Overall, the low point is continuously being refreshed, and it's estimated to be difficult to hold the 51,000 level in this downturn. There is a high chance of breaking through the previous low of 49,000 and reaching around 44,500. In trading, first see if the 51,500 level can hold. If it does, there will be a rebound followed by another decline. Currently, the likelihood of a downtrend is higher. It depends on whether it will break through. In trading, you can position around 59,500 and see the 54,250-51,500 range. Manage your entry opportunities. For short-term trading, control the risk and manage your profits and losses.
ETH:
Looking at the daily chart, Ethereum's rebound after the decline is weak, and it's still far from the 200-day moving average. It hasn't even reached the previous support turned resistance level of 2860. Now that Bitcoin is starting to retrace, Ethereum is likely to follow suit. The decline of Ethereum should be greater than that of Bitcoin. It's estimated to be difficult to hold the previous low of 2111 in this downturn. If it breaks, Ethereum will likely drop to below 1,000. In trading, consider a short position near 2700, and see the 2360-2250 range. If it breaks below 2250, it will break the 2111 level, and it will likely drop below 1,000. Manage your entry opportunities. For short-term trading, control the risk and manage your profits and losses.
In summary:
Bitcoin and Ethereum are likely to go short, so seize the entry opportunities.
The article is time-sensitive, be aware of the risks, and the above is only personal advice for reference!
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The most attractive part of a city is having the person you want to see, and the most attractive part of a market is having the money you want to earn.
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