8.16 Early Morning Bitcoin Analysis
From the daily chart, Bitcoin has fallen to the middle Bollinger Band around 11,700. Although there is some support here, the bearish momentum has not yet ended, and there is still a possibility of further decline in the short term. The sharp drop to 7,000 yesterday has cleared a lot of high leverage and small position chips, but with market sentiment not fully recovered, the main forces may take advantage of this to continue testing support at 11,500, and it is even possible to touch the 11,430 area before stabilizing.
If effective support can be found in the 11,430-11,500 range, this will become a key defense zone for bulls and an opportunity for mid-term positioning. As long as there is no effective breakdown at the daily level, the medium to long-term trend remains healthy, and the market still has the potential to restart an upward rhythm.
Operational Suggestions:
Look for a short-term rebound in the range of 117,300-117,800, with lower support at 116,800, 115,000, and 114,300.
Look to go long at the lows of 11,500 and 11,430 if they stabilize, and then watch for a breakout at 120,000.
