8.9 Early Morning Bitcoin Analysis

From the 4-hour chart, it has formed a W shape while facing pressure above. In the short term, it has shown a series of consecutive declines. Looking at the short-term indicators, the moving averages are declining, shifting from strong to weak. The KDJ three lines have consolidated and are now turning downward, leaning towards bearish. Combining this with the daily chart, there is not much room left above under the pressure.

I expect that if it cannot break through 118,000, a waterfall decline will occur.

The Bitcoin rebound is around 117,900-117,400, with a downward target of 115,500-115,000; if it breaks this level, we will continue to look lower.