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August 8th Afternoon Bitcoin and Ethereum Trading Suggestions and Directions
From the current market situation, the 4-hour chart shows that Bitcoin has effectively broken below the key support zone of 90800-90300, which has now turned into a short-term resistance. The hourly chart displays consecutive long upper shadow candles, and the MACD indicator has formed a death cross above the zero line. The RSI indicator continues to stay below the neutral level of 50, indicating that bearish momentum is gradually accumulating.
The short-term key resistance is in the 90800-91200 range. If the price fails to break through this zone effectively, it may further decline towards the 89000 integer level. Once it breaks below 90000, the strong support area below will shift down to the 89500-88500 range. Based on comprehensive technical indicators and price patterns, the current market shows a clear bearish bias, with rebound momentum significantly lacking.
In terms of trading strategy, it is recommended to mainly short on rallies, paying close attention to the price's resistance at 98500-91200. A breakout above this zone could be used to go long. It is advised to strictly control position sizes and implement risk management.