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Analysis of the morning thoughts on 8.29
From the four-hour chart, the current trading channel has stabilized, and the price has not dropped too deep after the pullback, instead successfully recovering some lost ground. Furthermore, the trading volume has not significantly decreased, and the moving averages are gradually trending upwards. The short-term trend is starting to show signs of an upward movement, with the possibility of breaking through the upward channel.
From the one-hour chart, the running channel is narrowing and consolidating, with price facing resistance on the downside. Signs of a rebound are becoming evident, and trading volume has decreased. The short-term upward trend may continue. It is expected that there will be a situation of oscillating upward later on.
Morning operation suggestions:
If you enter around Bitcoin 111500, the target can be set at 113500. And if you enter around Ethereum 4400, the target is 4600.