$BTC August 8th midday BTC/ETH technical analysis and insights

Ethereum's trend is highly correlated with Bitcoin, showing a synchronized oscillating upward pattern. After the price bottomed out around 3123 in the early hours, it quickly stabilized and rebounded, currently back to around 3156, demonstrating strong support at low levels. From a technical perspective, the small-cycle correction is essentially a healthy pullback within the upward trend and has not damaged the overall bullish structure. The hourly chart has already shown clear reversal signals, with MACD forming a bullish crossover and RSI remaining in a strong zone, confirming that short-term bullish momentum is still building.

Analyzing market performance, after breaking out of the triangle consolidation zone, the market did not accelerate as expected but instead quickly retreated to the edge of the previous consolidation range. This movement highlights the heavy selling pressure above, with bullish forces weakening under pressure, leading to a helpless pullback.

From a short-term cycle perspective, after yesterday's single-sided decline, the market tested key support levels formed by previous highs and lows again this morning, repeatedly testing the critical support. Based on comprehensive analysis of multiple factors, the subsequent market is likely to continue its consolidation pattern, with the white trading session expected to start from this key support level and undergo wide-range sideways consolidation within the range.

For Bitcoin, consider buying around 90,500-90,000, with targets at 91,800-92,500.
For Ethereum, consider buying around 3,100, with targets at 3,210-3,260.