Evening Analysis on 8.12
After two dips to 118000 in the early morning and afternoon, there was a quick rebound both times, forming the initial shape of a double bottom, indicating strong buying support at this level. The support strength has been further validated after two tests, increasing its effectiveness. The two dips did not break the level, and the rebound speed was quick, showing that there is insufficient selling pressure near the key support level, with momentum showing signs of decline. Currently, it is fluctuating narrowly between 118000-118500, with no break of the recent upward trend line, and the support level is being effectively defended. The short-term structure has not been broken, and the probability of trend continuation is high.
Suggestions
Bitcoin: Fluctuating around 118200-1172000, target near 119000-120000, if broken look for 121500.
Second coin: Fluctuating around 4270-4230, target near 4350-4400, if broken look for 4500.
