Yueying: Bitcoin and Ethereum Market Analysis on August 28 - Is the risk of a false breakout above previous highs followed by a sharp drop at high levels increasing?

On the daily chart, Bitcoin found support around the 7-day moving average and rebounded. Intraday trading saw a continuation of the upward trend, breaking new highs before pulling back. The Bollinger Bands are widening upwards, short-term moving averages are trending upwards, the MACD fast and slow lines are extending upwards with decreasing volume, the KDJ is turning downwards, watch for resistance around the 100 level, and the VR indicator is consolidating around 210. On the 4-hour chart, the price touched the 81500 area and encountered resistance, pulling back and currently consolidating in a narrow range above the middle band. The Bollinger Bands are flattening upwards, short-term moving averages are parallel, the MACD fast and slow lines are moving downwards with increasing green volume, the KDJ is crossing downwards, watch for support around the 50 level, and the VR indicator is consolidating around 130. Overall, the market has pulled back after reaching a new high, continuing to test the 80,000 level. If it fails to stabilize, the probability of a subsequent sharp drop and market correction increases. Continue to watch the previous high and the 83,000 level for resistance. Although the market is relatively strong, it's not advisable to chase the highs. Wait for a pullback to short-term support before entering. Be cautious if a breakout occurs. Don't blindly participate in the current high-level structure. Short-term support is around 77,800. See short-term suggestions. Bitcoin short-term suggestion: Buy at 78,300. (Take profits as needed after strategy activation). Ethereum's price action is correlated with Bitcoin. Currently, after a false breakout of the previous high, it continues to fluctuate at high levels. Such high-level consolidation also carries the risk of a sharp drop and market correction. Continue to watch the 2400 level for support. A break below this level could accelerate the test of the 2300 level or even lower. Don't try to predict the future; instead, plan your short-term participation accordingly. See short-term suggestions. Ethereum short-term suggestion: Buy at 2430. (For more cryptocurrency analysis, click the image to see the homepage introduction and find Yueying) — I am Zhou Yueying, a teacher specializing in technical analysis. If you have any questions about trading or trends, feel free to discuss and learn with me! Let's exchange ideas and profit together!