Qin Feng's Evening Thoughts on August 11th

Bitcoin's evening hourly chart shows a bearish trend. Technically, the rebound near the middle Bollinger Band is weak, with significant pressure from the upper band. The RSI indicator is in neutral territory, suggesting a short-term stalemate between bulls and bears, but with increased risk of a correction. Unexpected negative news (such as a Japanese interest rate hike) could trigger a sell-off. Once a key support level (such as 103,000 USDT) is broken, further downside potential will be created. We recommend strict risk management and waiting for a clear trend.

Bitcoin can be shorted between 121,800 and 121,500, with a target around 120,000. #btc