August 5 BTC Tuesday Morning Thoughts:

Yesterday, Bitcoin started rising from around 114,000 in the evening, reaching a high of about 115,600 before pulling back. It is currently consolidating around 114,800.

From the four-hour chart, the price continues to rise in a step-like pattern, currently moving near the upper Bollinger Band. Although there was a bearish raid forming a spike, the selling pressure was weak like a dragonfly touching water, failing to shake the overall defense line built by the bulls, and the upward structure has not changed.

However, switching to the one-hour chart, Bitcoin has gradually pulled back from the upper band to the middle band, with the KDJ three lines forming a death cross, and the MACD bullish momentum continuing to decrease. In the short term, caution is needed as the risk of a pullback increases.

In terms of trading strategy, the focus remains on shorting at high rebounds:

If Bitcoin rebounds to around 115,100, first watch 114,000$BTC #币圈 #区块链