New insights on the market: Bitcoin's outlook for August 23.

CN
2 days ago

Good evening everyone, I am Xin Ya. I have been throwing out the dealer's points for several days in a row. I wonder if the dog dealer will resent me.
Let's not talk about yesterday; only when the market moves can you know how far my vision can truly see.

Look, is the precise dealer point for Bitcoin at over 78800? And for Ethereum at 2440 and 2545, isn't the former the starting point for the evening rise yesterday and today’s pullback closing point? Is 2545 the extreme pin point??? I announced this at around ten last night, and the market came out early this morning. Looking at the crypto circle, no one should be able to predict the dealer's psychological expectations like this, right?

Just think, if you had not rashly shorted at the beginning and waited until Bitcoin reached the sniping position, and shorted together with Ethereum, wouldn't you be able to harvest the market and use others as stepping stones? Instead of, like most people in the market, being forced to short and then flipping to long, only to be smashed out.

Actually, what I said yesterday was very clear. Ethereum benchmarks against May 25, and I emphasized the independent market of Bitcoin and Ethereum at that time, and today's movements have confirmed this.

Alright, let’s do a simple review. From the evening session on August 21 until now, Bitcoin has consolidated in the range of 76600-78800, oscillating back and forth. At noon, it was sniped at 78800, with a nearly two-thousand point downward spike. The closing range was acceptable, with four consecutive bearish hours followed by three consecutive bullish hours, and both sides briefly reached a balance of power. In detail, during the upward test, there was a bit of relay buying at 77800, but the strength was minimal. During the downward test, the market failed to close above here, and continued to turn down towards 76550 for a second test.

Bitcoin's one-hour Bollinger Bands are running flat, with prices operating below the mid-band at 77700. It can be expected that if the night session does not hold above 77700, the market will weaken, possibly continuing to test downwards to find support. Looking at the MACD, 77000 is the balance line between bulls and bears, so the market may oscillate around this central area. Even if the market weakens in the future, finding support will still lead back to test this area.

Today, the market has pinched, so the range of consolidation needs to be reduced.
The market is likely to consolidate within the refreshed range, digesting divergences, and even if it weakens, it won’t refresh much downwards; just do some swing trading. It’s suggested to primarily focus on longs and to increase positions in segments. This is because the daily trend has not yet concluded. To put it bluntly, there hasn’t been effective resistance formed above during this period. Support needs to be found before there is a willingness to test; such testing often carries the strength to refresh high positions, thus the testing of the support area needs to come with some volume, which directly relates to the subsequent mid-term direction of the market. Thus, short-term market may show false signals of a bear turning strong. Just ignore it. We only need to know that even if it refreshes downwards, it won’t refresh much. If shorting during this period, it shouldn’t be held long.

For Bitcoin, pay attention to 77800, 78800, 79500 above.
Below, pay attention to 76500, 75400, 74200.
For Ethereum, pay attention to 2445, 2520, 2640.
Below, pay attention to 2405, 2365, 2240.

The strategy for oscillating waves needs to wait for testing potential pressure support during the operation process, observing the tug of war of both forces. These cannot be predicted and are formed and confirmed during the operation, requiring real-time monitoring and adjustments; you all handle it yourselves first.

Stay synchronized with the same journey, WeChat public account: Xin Ya Talks Chuan.

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