Market Sentiment Under the Tug-of-War Between Bulls and Bears: Analyzing BTC, ETH, SHIB, and Other Assets Market data reveals a current bull-bear ratio of 50.56%/49
Market Sentiment Under the Tug-of-War Between Bulls and Bears: Analyzing BTC, ETH, SHIB, and Other Assets
Market data reveals a current bull-bear ratio of 50.56%/49.44%, with a Fear & Greed Index of 31, indicating a broadly neutral and cautious market sentiment.
Regarding capital flow, several notable movements have emerged recently:
- ROSE and ENA experienced large unlocks, representing 1.5% and 0.099% of their total supply, respectively, with values of $8.61 million and $4.43 million.
- SHIB and SYN witnessed significant inflows, with SHIB attracting 177.424 billion units, totaling $2.3585 million, while SYN gained 2.1966 million units, valued at $1.3325 million.
Let's delve into the market outlook for BTC and ETH:
BTC:
- 4-hour timeframe: The crucial confirmation point lies at 59,820, representing the peak reached on August 15th at 8 PM and the highest point on August 17th during the early hours. Subsequent candles failed to decisively break through this level, indicating a critical junction between bulls and bears. A buy order is recommended after the 4-hour candle closes above 59,820, targeting a profit level near 61,200 and setting a stop-loss at 58,000. As the price aligns with the anticipated trend and a range emerges, consider implementing a trailing stop-loss.
- Daily timeframe: The current state is still classified as a rebound from oversold conditions. A decisive shift to a one-sided bullish trajectory demands a breach of 62,733. The price has climbed back above the MA256, but remains suppressed by the MA3060120 above. This situation necessitates a period of consolidation, convergence, divergence, and expansion, which will signal the initiation of a strong one-sided surge. For long-term investors seeking opportunities on the left side of the trade, gradual accumulation of long positions is advised, setting a stop-loss at the August 15th daily low of 56,120. If 56,000 succumbs to selling pressure, there's a high probability that BTC will revisit the 50,000 level!
ETH:
- 4-hour timeframe: Initiate a gradual accumulation of long positions at the current price, with a stop-loss set at 2515. ETH established its high point on August 6th/7th at 2550 on the 4-hour timeframe. Following its breakthrough on August 9th, it underwent three retracements, failing to drop below 2550, suggesting robust support below. A small buy order can be placed, with a further increase in position size upon exceeding 2667. After increasing the position, it's advisable to implement a stop-loss at the cost price.
- Daily timeframe: Presently, ETH is also in a rebound phase, not yet signaling a reversal. The reversal threshold sits at 2722. Breaking above this point warrants holding long positions over the medium-to-long term!
Conclusion:
The market sentiment remains cautious, with bulls and bears evenly matched. Both BTC and ETH are experiencing rebounds but haven't confirmed a reversal. Traders should exercise prudence, carefully evaluate entry points and stop-loss levels, avoiding excessive chasing of rallies or selling during dips.
Crucially, this analysis represents personal views and should not be considered as investment advice. Investing involves risk, and prudence is paramount.
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