Bitcoin fluctuated around the 117,000 mark over the weekend. Although there was an upward attempt, the momentum is still insufficient. Coupled with market sentiment, the price faced downward pressure again near 118,500. Currently, the low point has been breached, and the chart shows a continuous decline with strong bearish sentiment.

The price has been consistently falling for an hour, having already dropped 1,800 points this morning. Short-term support is at 116,000, and at this pace, it is likely difficult to stop the decline. Additionally, MACD shows a death cross with increasing volume, and the Bollinger Bands are also opening downwards, suggesting that the price may break below again with increased volume. It is recommended to maintain a high leverage position and to wait for a stabilization before planning any long positions;

8.18 Trading Suggestions:

Bitcoin retracement at 1168-1175 resistance, with support looking at 1155-1145; if it finds support near 1150 after a dip, consider going long again;

Ethereum at 4440-4460 resistance, with support looking at 4350; $BTC $ETH