8.15BTC/ETH market view:

Bitcoin stopped falling at 117,000 in the early morning. Although it dropped from 123,446 yesterday, falling more than 7,500 points, causing many long positions to be liquidated or blown out, this does not mean that today we should reverse direction and chase the short positions.

A large bearish candle has smashed down on the daily chart for Bitcoin, testing the support of the middle Bollinger band. The 4-hour level has tested the support of the lower band to stop the decline. A pullback in the market and filling the gap is a good thing; the sooner it is filled, the sooner it can continue to rise. With the pullback now, entering low long positions can provide greater profit potential. The main idea for intraday trading is to focus on low long positions, and today the key is to see if the rebound can hold above the 120,000 level. If it holds, the pullback is over, and a new high should follow. If it doesn't hold, it may continue to test the support below.

Pay attention to the support at 118000, 117000, and 116000 below, and consider participating in long positions around these levels. For resistance above, watch 120000, 121000, and 122000.

After Ethereum surged to a high of 4794 yesterday, it pulled back, finding support at the low of 4451. Currently, there is short-term resistance at 4700; a breakthrough here would indicate the end of the correction. The first pullback from 4794 to 4451 saw a stop in the decline, followed by a rebound that faced resistance at 4700, leading to further declines. The second pullback found support near 4451, resulting in a rebound. The current price is around 4620. The market can only be considered to have successfully formed a double bottom at 4451 if it breaks through and stabilizes above 4700; otherwise, if it faces resistance at 4700 again, it would create an M-shaped decline, and 4450 might not hold. The mid-band support in the daily K-chart for Ethereum is at 4000, so if it fills the gap, reaching 4200-4000 is not an alarmist statement.

Pay attention to the support levels at 4550, 4500, and 4450 below during the day, and consider entering low long positions around these levels. For resistance above, focus on 4700, 4800, and 4900. #Gate 8月储备金报告出炉#