Market analysis and trading suggestions for Bitcoin and Ethereum on Thursday morning, August 21.

When you wholeheartedly dream, the entire universe will work together to help you. Keep a passionate attitude towards your dreams, and the world will make way for you. Last night, the Bitcoin market surged first, reaching a high of 114763 at one point, but then faced resistance and retraced, dropping to a low of 113260. As of now, the Bitcoin price remains in a narrow range around 114300, while Ethereum continues to show high-level fluctuations, with prices repeatedly testing near key resistance levels. The bearish outlook given at midnight yesterday did not materialize, but the live broadcast's current price benefit Dan in the morning was also a profit-taking success, achieving a good margin.
From the in-depth analysis of the current market trends, it can be observed through the recent price movement that whenever the price touches the middle band of the Bollinger Bands, it encounters significant resistance, forming a characteristic of a temporary top. After multiple attempts to test the pressure level at the middle band, the price has quickly retraced each time. Currently, the market is once again approaching this key resistance area. From the perspective of volume and price coordination, the trading volume shows a gradual shrinking trend. The MACD indicator's fast and slow lines have formed a death cross below the zero line and continue to diverge, while the RSI indicator remains in the weak zone below 50. These technical indicators resonate to show that the market lacks bullish momentum, and bearish forces are building up. The effectiveness of the resistance validated multiple times in the past indicates that the middle band can be regarded as an important reference resistance level, suggesting a trading strategy of shorting on rallies.
Bitcoin: Short position around 114600-115000, short-term target 113000
Ethereum: Short position can be taken around 4370-4400, with a short-term target of 4250.
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