8.21 Thought Sharing

The price of Bitcoin rebounded after finding short-term support around 112,300, but overall it remains in a downward channel. From the 4-hour and 1-hour levels, the bearish pattern still dominates the market, and this rebound is more inclined to be a correction within the bearish trend rather than a trend reversal.

The current candlestick is still operating below the mid-line, indicating a bearish trend. Both the DIF and DEA are below the zero axis, clearly indicating a bearish trend. Although the MACD histogram shows signs of shortening, suggesting that bearish momentum is slightly weakening, it has not yet formed a clear golden cross signal. The KDJ shows signs of rebound at a low level, but overall it has not escaped the weak zone, and the rebound strength is insufficient to reverse the existing trend. The rebound gives us a chance to short.

Bitcoin Recommendation

Short when the price rebounds to around 114,600-115,300, targeting a drop to around 113,400-112,600, and if it breaks, look towards around 112,100.