Bitcoin Market Analysis 08.03 for $BTC
Yesterday's 111888 really fed the meal, with an error of only 38u. Those who followed me are enjoying a hot meal.
✅ Today's Market Analysis
Firstly, 116000 is the watershed for Bitcoin. As long as it stays below 116000, there will be no upward trend for Bitcoin. Therefore, based on the situation mentioned above, there are several expectations:
▶️ Bitcoin's upper resistance levels are at 113700-114700-115700, with every 1000 points being a resistance level. Each resistance level could trigger a new downward trend for Bitcoin. The higher the resistance, the sharper the decline.
1️⃣ If it rises to around 115700 and faces resistance, it will directly break through the daily trend line and drop to around 110800.
2️⃣ It may first enter a consolidation phase before deciding the direction, with a range approximately between 112000-115700.
3️⃣ It may directly spike above 116000 and initiate an upward trend.
⚠️ After reading this article, your clever mind must have come up with various long and short strategies:
1️⃣ Aggressive traders: 114700-115700🈳
2️⃣ Conservative traders: 115700-116700🈳
3️⃣ Open long near the lower range around 112000.
4️⃣ Wait at the lower level of 110800.