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‼️August 8th Market Analysis‼️
1. US stock market trends:
Yesterday, the US stock market continued to rebound, forming short-term resistance near previous highs and encountering obstacles near the upward trend line on the daily chart.
According to the strength of the rebound, the engulfing candlestick has been formed, and it is highly likely that the daily line will rise further, but the risks have not been fully eliminated.
2. #BTC:
Yesterday, alongside the continued surge of the US stock market, the original resistance at 115334 was effectively broken.
This time's surge is likely to challenge the previous high around 123300 again. According to the live broadcast, we have been discussing this for 4 days, and after the effective breakthrough here.
Target 1: Close 80% near position 118500
Target 2: Position 121887 all positions closed. Later, wait for shorting opportunities after the upward move.
3. #ETH:
In resonance with BTC, the overall outlook is still very strong, with a target above 4100 points. It is highly likely that this upward attack will end near 4300 points and start to adjust. If it breaks through 4100 points, a pullback to 4000 points will be an opportunity. Conservatives can wait for the next opportunity to invest heavily.
Radical possibility to open a long position for trial now, stop loss position at 3780 points.
4. Key support level for #BTC currently:
Pay attention to the resonance with U.S. stocks tonight.
• Upper resistance: For those who haven't entered, the buying point for long positions is around 116000, take profit point: close 80% near 118500, target position 2: close all at 121887. Stop loss: unconditional stop loss at 113562 if the daily trend line is broken, long positions should be cautiously managed and not heavily leveraged.
Those who already have short positions can hold on to them as they are below 10% of their positions, lowering the priority for now and waiting for opportunities to add to their positions. Currently, the focus is on long positions, and mindset is very important.
Note: When others are greedy, we remain calm; when others are fearful, we are excited. This market is about a small number of people making profits.