BTC Analysis on August 20 Afternoon
The bullish outlook for Bitcoin this morning has perfectly materialized! Target 114,100, continue to hold. Friends who joined in should secure the profits from this rebound and not waste this clear upward momentum!
4-hour chart:
Breakthrough of the downtrend line: Price stands above EMA30 ($113,200), MACD golden cross is emerging (green bars are expanding).
Key Resistance: 114,500 (previous high neck line), a breakthrough opens up space to 116,000.
Maximum Pain Point for Options: $112,000 (intensive area of open contracts), if it falls below, it may trigger automatic sell-off.
Regulatory Black Swan: The U.S. SEC has postponed the decision on the Bitcoin ETF options listing to September 10, and short-term policy uncertainty remains.
After the subsequent market downturn ends, it is highly likely to move into an abc three-wave rebound. Today, we will first look for the continuation of the rebound, followed by a period of consolidation. After the consolidation ends, we will welcome further upward trends.
Bitcoin Recommendation: Short at 114,600-114,100, target 113,100-112,600$BTC