Thursday Recap, BTC and ETH Market Analysis and Trading Recommendations for Early Friday, August 21
Once a trend has formed, do not try to call the top lightly. Yesterday, the overall market continued its strong performance, showing a sustained and consecutive upward move that kept pushing higher and refreshing its highs. BTC made a slight pullback to 67800 in the early hours, consolidated, and then launched another upward attack. In the afternoon, it made another bullish move and rapidly surged again. Even with a brief pullback and consolidation along the way, it was merely digesting short-term profits from the rapid rise. In the evening, it refreshed its high again to around 72849, while ETH simultaneously reached a high of 2338.
Yesterday's strategy firmly called for going long from the early hours. Zhilan's live trading followed the trend and placed long orders accordingly, securing a total of 5406 points on BTC and 135 points on ETH throughout the day. Congratulations once again to everyone who caught this move and achieved substantial profits. In a clear bullish trend, holding on to your own profits is far more important than trying to subjectively call the top.
From the current market perspective, the bulls firmly control the initiative, while the bears have been completely crushed. Once a trend is established, it will not reverse easily. The daily chart has produced consecutive large bullish candles with solid bodies, fully opening up the upside. Structurally, a W-bottom is forming, with the key neckline at 66600. The subsequent upside target can continue to be watched around 76000. This pattern also indicates that after the previous sharp decline, the market is forming a bottoming range.
4-hour timeframe: The trend reversal has been completed, with a breakout above the long-standing consolidation range. This is not merely a rebound, but a standard bullish trend. As long as the 4-hour chart does not break below the key support at 67300, the larger-period bullish structure remains intact.
1-hour timeframe: A stair-step upward pattern has formed, with new highs being refreshed continuously. During the rise, pullbacks and recoveries have occurred through small bearish and bullish candles, representing a very healthy upward trend structure. After breaking through and stabilizing above 72000, the next upside target is around 73700. Following a brief consolidation, it still has the momentum to continue expanding upward.
Recent market volatility has been high. Those holding positions should set take-profit and stop-loss levels, maintain proper defenses, and control their position sizes.
BTC: Go long on a pullback near 72000, targets 73700→74500
ETH: Go long on a pullback near 2316, targets 2385→2422
#BTC突破71000美元日内涨幅10.5% $BTC $ETH