Analysis of Bitcoin Thoughts on the Morning of August 16
The daily chart has recorded its first bearish candle after a series of continuous gains, ending the upward trend. A short-term adjustment or correction may be underway, but the overall trend remains upward, requiring a pullback to consolidate and accumulate upward momentum. Yesterday, the price stabilized above the 116000 level, initially confirming the validity of the secondary low point support. From the four-hour level, 116500 constitutes a key support level, and it is currently within a fluctuating upward channel, with a bullish tendency in the future market. Today's focus is on the strength of the secondary low point support, and the market is expected to maintain a fluctuating upward trend, with a high likelihood of breaking through previous highs.
It is recommended to buy on the dip around 116500-116000, targeting around 117800-119000, and continue to look up after a breakout.
(The analysis is time-sensitive; aggressive traders may buy at the current price)
