8.14 Bitcoin Silk Road in the Early Morning

In a favorable trend, the daily Bitcoin price movements have been very precise for everyone, and Luyao has been bottom-fishing all the way to the current high position. Recently, not only mainstream currencies but also SOL and BNB have been blooming everywhere!!!

The current price of Bitcoin is 121600, and the upward trend is something that Luyao believes everyone can see. Technical signals indicate that the bulls are in control. The moving average system shows a bullish arrangement, and the recent golden cross further confirms the continuity of the trend.

Additionally, the price has formed a bullish engulfing pattern near key support levels, reinforcing short-term bullish expectations. However, Luyao has noticed a significant decrease in trading volume, only 0.0% of the 10-period average volume, creating a divergence between price and volume, indicating that the current upward momentum may be insufficient. Attention should be paid to the sustainability of the trend. Finally, Luyao suggests being cautious and primarily bullish, especially since the first support at 11880 has formed a bullish engulfing pattern. Therefore, the recommended strategy is to adopt a steady approach by buying on dips at support levels, in line with the trend!!!

Bitcoin: Buy in the range of 119000-120000, target 123000, long-term view 130000, each should strictly maintain their defense. $BTC $ETH $XRP