8.12 Morning Analysis
Reviewing the night, the Bitcoin faced pressure at the 120800 line, ↓ reaching a low near 118000 before entering a consolidation phase. The short-term ↓ momentum may have somewhat diminished, but the overall atmosphere remains unchanged.
From the hourly Bollinger Bands perspective, the current three lines show a synchronized downward tilt, indicating that the short-term market is still under the influence of a downward trend structure.
Previously, Bitcoin gradually returned from the middle band position and is now consistently operating around the lower band area. This pattern reflects that the downward support has been tested, but the downward pressure remains. Therefore, it is advisable to go short before going long.
Bitcoin can be shorted near the 119200-119800 range.
The target can be around the 118200-117800 range.
Position reversal can be done upon reaching.
Ether can be shorted near the 4320-4370 range.
The target can be around the 4250-4180 range.
Position reversal can be done upon reaching.
