August 24 Initial Thoughts Analysis
Yesterday, the Bitcoin continued its downward trend, slowly sliding from 117390 in the early morning to a daily low of 114510 in the evening. Additionally, the rebound phase did not sustain increased volume, and the buying strength appeared slightly insufficient.
After briefly piercing the upper Bollinger band on the 4-hour chart, it quickly faced pressure, with the K-line falling back towards the middle band. The Bollinger Bands are showing a 'contraction followed by potential downward divergence' signal, with all periodic moving averages synchronously declining, and the bearish momentum continuing to expand, spreading from point to area!
Operational Suggestions
Bitcoin: Short at 115500-116200, target 113000-114000
Ethereum: Short at 4810-4850, target 4600-4700
