Midnight Bitcoin Market on August 19

During the day, the market continued to surge, but unexpectedly, a large bearish candle at the end of the trading session wiped out all the intraday gains. From the current trend, Bitcoin and Ethereum have entered the fifth wave of the downward phase, with the key levels as follows:

Support Levels: If it continues to decline, pay close attention to the support range of 112600-111800; during the pullback phase, first look at 113510. If this level is breached, further vigilance is needed for the effectiveness of support at 112750, 111860, and 111100.

Resistance Levels and Conditions for Rebound: The key focus for the evening is 114760. Only if it re-establishes itself above this level on the hourly chart does it have the potential to prepare for a rebound; after rebounding, it will need to address the pressure areas around 116800, 117880, and 118560. If it cannot hold above 114760 for an extended period, the rebound momentum will continue to be lacking.