8.6 Bitcoin Morning Thoughts

Recently, the Bitcoin price has been fluctuating, recovering from a low of 111850.0. On the hourly chart, it is oscillating narrowly around the moving averages, with a tug-of-war between bulls and bears.

The daily K has formed an upper shadow bearish candle, with bears reducing volume but pressure still exists. The key resistance above is seen in the range of 115500 - 117500; the support below focuses on 113800 - 112200. On the four-hour chart, bulls are increasing but face pressure at the upper band, leading to an overall sideways consolidation.

A dip to the vicinity of 113200 - 113000 should target 113800 - 114000, with a stop loss of five hundred points.

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