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Wall Street Encryption Morning Report 08.23: ETH hits a new high, can BTC keep up?
Viewpoint: "BTC around 111800 is a key counterattack point for the bulls, and it's the last chance for the bulls!" This was our important reminder to the bulls in yesterday's morning report. Stimulated by the expectations of the Federal Reserve's interest rate cuts, the bulls have finally launched a significant counterattack. From the consecutive breakthroughs of BTC prices at the resistance levels of 114500 and 115700, and directly challenging the important resistance level of 117000, as well as the strong performance of ETH reaching a historical new high, it seems that the bulls are full of confidence at the moment. It is expected that today BTC will consolidate around 117000, and after sufficient turnover between long and short positions, it will seek to break through upwards again. Fans should still focus on buying the dips.
Trading strategy: You can gradually build long positions near 116500 and 115700, and reduce long positions near 118500 and 119200.
Risk Warning: If the bears make a comeback and effectively break through 114500, long positions may temporarily exit to observe.