The market trends for Wednesday are about to wrap up. Bitcoin's intraday movements are still mainly focused on fluctuations, with a slight rise at midday peaking at the 114000 line before facing resistance. In the evening, with the opening of the US stock market, the price of Bitcoin further opened up downward space, reaching a low of 112357 so far. This aligns perfectly with the bearish targets we provided in the afternoon and evening. Ethereum showed significant fluctuations during the day, with a low retracement to the 4060 line at dawn, after which it primarily focused on repairing upward movements during trading hours. In the afternoon, it touched the 4240 line again, facing resistance and retracing. Currently, Ethereum has retraced to around 4120. We positioned ourselves with a mainly bearish outlook during the day, achieving a total gain of 1623 points for Bitcoin and 145 points for Ethereum. Wednesday ended perfectly.

From the four-hour level, the overall market shows a bearish engulfing pattern, where the bullish rebound lacks strength, leading to a gradual test of low support by the bears. The one-hour level has already shown consecutive bearish movements, opening up bearish sentiment. It is highly likely that the overall market will further retrace to test the bottom, with the Bollinger Bands opening downwards and a rapid decline. Old Chen suggests participating in high short positions during the rebound on Wednesday midnight.

Bitcoin: Short around 113000, target 111000
Ethereum: Short near 4160 Target 4050#加密市场回调 #杰克逊霍尔会议 #BTC