Brothers, today Morning Brother will talk to everyone about the latest analysis and trading guide for Bitcoin.

First, let's look at the technical aspect. The daily chart shows a long upper shadow at a high position, and the 4-hour chart's EMA200 at 119300 is still pressing down, indicating significant short-term pullback pressure. However, the key support levels are at 117000 (daily MA20) and 115000 (Fibonacci 61.8% + institutional cost area). As long as these levels hold, the bullish structure remains intact; if broken, it may trigger algorithmic sell orders. Currently, the trading volume has shrunk to below the 10-day average volume, and there is no volume during the rebound. A volume increase breaking above 120,000 is needed to confirm a bullish counterattack.

Now, let's take a look at on-chain data. Miners have sold 72,000 BTC over the past 7 days, reaching a new high for the year; however, there is a net outflow of 78.5 million from exchanges, with large funds buying on dips. But in August, there was a net outflow of 1.34 billion from ETFs, which contrasts sharply with the net inflow of 18.8 billion in the previous four months. Fortunately, holders with positions over 1 year account for 68%, and there has been no large-scale reduction in holdings, indicating decent long-term confidence.

Finally, here is Morning Brother's trading guide. Morning Brother suggests going long around 118500-118000, with the initial target set at 119500. If that is broken, then look at 121000. Keep the rhythm steady, maintain a light position, and focus on the key levels at #btc .