After Powell's speech on Friday night that provided favourable information about interest rate cuts, the price stretched to around 117400. Over the weekend, after another consolidation, the profits were fully pulled back, maintaining a consolidation around 115000. This morning, a large outflow of market funds led to a long wick candle dip, with BTC reaching a low of 110500 before stopping the decline. Currently, the market has stabilized and recovered to around 113500. As for Ethereum, it continued to consolidate over the weekend and broke upwards, creating a historical new high. Currently, the price has surged to a maximum of around 4957 but faced resistance. This morning, the BTC also had a long wick candle dip, with the lowest price being around 4700 before facing resistance again. Overall, the market's shape has indeed recovered some, and Ethereum still maintains a strong posture. The 5000 mark is just one step away, and considering market sentiment and institutional holdings, Ethereum still has the potential for new highs; reaching the 5000 mark is just a matter of time.

From the perspective of the daily structure of BTC, the market's large bullish candle has turned into a large bearish candle, pulling back the favourable information after a rise. Overall, the structure is under pressure at the mid-track, and today the K-line has once again formed a long lower shadow. The key resistance level at Fibonacci 78.6% has been retaken at today's consolidation point. Overall, the bulls still dominate the market, and there is still certain space for bullish expansion in the future, with attention on around 115800. Looking at the four-hour chart, the overall shape has formed a double bottom pattern, and the indicators also show a bottom divergence signal, both indicating that the market will continue to rise. Although the short-term pullback has broken the channel of this round of increase, the situation of the long wick candle has quickly recovered, and there is still room for an increase in the future. Such a market situation may consider mid-term bottom fishing, focusing on the 119000 level. As for Ethereum, there is currently no bearish hope, and the pullback is an opportunity to chase the rise. With the interest rate cut approaching in September, the short-term pullback is our opportunity to bottom fish.

BTC can be bought in the range of 113000-113500 for long positions, with a long-term focus around 119000 and short-term focus around 115800. Ether can be bought in the range of 4750-4780, looking at around 4950. #BTC# #ETH#