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Market Analysis on August 24
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$BTC
The daily chart is showing high-level fluctuations. Since 74500, the MACD highs have been increasingly higher, corresponding to prices that are also rising, indicating a lack of momentum. Additionally, there has been no volume throughout the entire rally. This position could either be a large-scale fifth wave or a turning B wave. Regardless of which one it is, a significant correction phase is brewing! The daily MACD is making a move to cross below the zero line. Many people say that this must digest the top divergence; I agree, but, but, but, how do we digest the top divergence on the weekly chart?
$ETH is at the end of a bullish trend, with insufficient daily momentum. The position of the yellow and white lines is relatively high, and there is an expectation of another move towards a small high point. However, the decrease in the size of the MACD green bars makes it easy for a direct drop to occur! This position is also at a high level! Be cautious when going long!
I currently hold a short position in BTC, with no long position.
The risks of going long are increasing, and it's no longer worth the risk for me.
#BTC