8.22 Early Morning Market Analysis

After the U.S. stock market opened, Bitcoin fluctuated in the range of 112500-114000. The volatility appears severe, but the price changes are minimal. The four-hour chart shows that the price rebounded to the mid-track but faced strong resistance and moved downward, resulting in a high-to-low retreat with a bearish candlestick formation, indicating weak rebound strength. The peaks of the third wave rebound continue to decline, indicating that the market is still dominated by weak bears, repeatedly testing the support below, with the short-term rebound being a technical correction. Currently, there is a five consecutive bearish candlestick retracement, and the one-sided downward channel continues, with bearish momentum steadily being released. Attention should be paid to the situation of breaking below the previous low of 112000, with early morning operations primarily focused on short positions, and strict risk management is required.

Trading Suggestions:

Short Bitcoin around 113000-113500, targeting the area of 111000-111500

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