Morning advice for Monday, August 4: Focus on short positions for Bitcoin

Bitcoin has shown a sluggish trend in the past couple of days, although it touched a bottom near 1120 and rebounded. However, during the rebound, the bulls failed to significantly increase their volume, so this rebound can be seen as a technical adjustment after previous overselling. From the hourly chart perspective, Bitcoin faces divergence risk.

On the daily level, after continuous declines, today sees a rebound, closing with a long bullish candle, indicating a short-term strengthening of bullish momentum.

On the 4-hour level, the price has broken below the short-term consolidation range, maintaining a downward trend under pressure from short-term moving averages, but minor stabilization signs are appearing in smaller time frames. Attention can be given to short-term rebound recovery opportunities. In terms of operations, it is recommended to focus on a consolidating strategy, mainly targeting high short positions on rebounds.

Personal advice is for reference only:

Bitcoin is recommended to short near 114500-115000, with the initial target at 113000.

Ethereum is recommended to short near 3540-3560, with the initial target at 3450. #加密市场回调