8-18 Bitcoin Analysis:

From the weekly level, we can see that Bitcoin started to pull back after forming an inverted hammer candlestick. The inverted hammer candlestick also indicates that the price of Bitcoin reached a new historical high during the rally, but subsequently faced a large amount of selling pressure that pushed the price back down.

From the weekly candlestick perspective, there is no position that stands above 119300, so currently, the resistance point on the weekly chart is this.

Below is the support at 112000, which is the needle point where the weekly chart switched support and resistance after the previous breakout. So these are some support and resistance levels on the weekly chart.

Daily level: From the daily level, Bitcoin has now broken below the upward trend line. As it stands, if Bitcoin does not close back above the trend line before the market closes tomorrow, it is very likely to continue oscillating downward to the lower edge of the 112000 support this week.

4H level: The 4-hour level has currently reached a short-term support level. The range of 115700-115000 is a support point after the previous W bottom pattern breakout. This position has also been mentioned several times as a potential bullish point. I have also entered a long position, but currently, it does not look too optimistic, as it is hovering around the support level for testing. However, once it cannot hold and drops, I will directly stop loss and exit. #BTC