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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Bright Summit Encryption Morning Report 08.08: After Wu Song fought the tiger, where is Wu Song?
Viewpoint: After we published a morning report yesterday titled "The Bulls Perform Wu Song's Tiger Fight", Bitcoin's price movement followed the script as described in the article, first dipping to around the support zone of 114400, then the bulls made a strong effort to drive away the "blocking tiger" at 115700, reaching a height near 116500 for a breather. The grasp of the day’s high and low points was remarkably smooth! Now, let’s talk about the fans' concerns regarding today's and this weekend's market evolution forecast. Did everyone notice that early this morning the bears attempted to pull Bitcoin back to the "blocking tiger" at 115700? However, the bulls, like Wu Song, quickly kicked away the "blocking tiger", allowing Bitcoin to soar once again. This price action proves that the bulls have a clear advantage at the moment, indicating that there is potential in the future market to challenge greater resistance at 118000 and 119000.
Operating Strategy: Currently, the bulls have the advantage. Everyone should adhere to the strategy of buying on dips, focusing on the low absorption points around 116800 and 116500, and seeking high sell points in the resistance area of 118000 to 119000.
Risk Warning: Continue to pay attention to the uncertainties of the U.S. stock dynamics on August 8 and the military developments between the U.S. and Russia. If the price effectively falls below 115700 points, the bulls should consider taking profits and stopping losses.