8.20, Morning Market Technical Analysis of Bitcoin!

Yesterday, Bitcoin dropped from around 117,000 to as low as around 112,700, with a signal to short and a gain of 3,600 points during the day.

From a technical structure perspective, the operational channel has formed a flat state. After a downward price exploration to the bottom, a gradual oscillation recovery has occurred, with a noticeable effect of switching between long and short positions. Although the overall direction has seen a rally followed by a pullback, the impact on short-term oscillations is strong, making it difficult to form a unidirectional continuation. Despite the oscillating downward rhythm, there is still a probing effect to reach lower levels.

From the four-hour chart, the price channel continues to show slight oscillating downward movement. The bearish volume is limited in its release, showing a slow step-like decline. The moving averages are slowly trending downward, and the short cycle still maintains an oscillating downward adjustment for bottom formation. The conversion of long and short volume drives the continuation of oscillation sentiment.

For Bitcoin operations, it is recommended to: short around 113,400, with targets at 112,200-111,000, and a breakdown target at 105,000. #币安HODLer空投PLUME #加密市场回调 #俄乌冲突即将结束？ #Strategy增持比特币 #ETH质押退出动态观察 $BTC