Qin Feng 8.23 Thoughts

The large Bitcoin daily line surged to 117400 on the 22nd before closing with a long upper shadow, indicating heavy selling pressure, and continued to decline on the 23rd. On the hourly chart, the recent fluctuations have narrowed, and there is a consolidation. Although the support at 115750 is temporarily stable, the rebound is lackluster. Additionally, the DIF and DEA are diverging downwards, and the daily MACD red bars are shortening, with momentum weakening. Short-term bearish sentiment is dominant, and the market may continue to decline.

Short Bitcoin around 116000-115800, targeting 115200-115000.

Short Ethereum around 4780-4750, targeting around 4700. #btc