Cryptocurrency Market Sees Golden Cross Formation Amid Challenging Trend

The cryptocurrency market is experiencing an interesting trend, according to Li Ying's latest analysis. As of August 9th, Bitcoin (BTC) is priced at $65,000. This market is considered challenging, as it's difficult to predict the next move.

Technically, the moving average system has formed a golden cross, indicating both short-term and medium-to-long-term trends are improving. The price has stabilized above the EMA120, showing stability in the market. However, the MACD indicator shows weakening bullish momentum, but no death cross has appeared.

The current price is trading between the middle band at $64,838 and the upper band at $65,323, with strong support from the middle band. The 'two steps forward, one step back' upward structure is evident in this market.

Ethereum (ETH) is also experiencing a tricky phase, priced at $1,922. There's significant trapped volume above, and weak support below, making it difficult to predict the next move. Technical indicators show a bullish alignment of EMA moving averages, with short-term momentum relatively strong.