8.24 Bitcoin large-scale capital continues to flow out, is the bearish trend still not stopping?
In fact, the Bitcoin market is pretty much as we expected, 123000 is just a false move, appearing to rise but actually distributing. The big coin broke the previous high to 124000 USD, a historical high, but the weekly K-line trading volume is clearly showing a noticeable contraction. We are still looking at the 108000 level. Currently, it is at two bottom tests at the 112000 level. We will wait for a break below this level.
Large transactions in Bitcoin reveal the intentions of the main players; in the last 12 hours, large transactions show a net outflow of $5.3 million, with total sales reaching $22.26 million, significantly higher than the $16.95 million in purchases, indicating a bearish trend. Particularly on August 23 at 06:13 and 10:26, two large market sell orders exceeding $2 million further suppressed prices. Combined with the current K-line pattern, the black three soldiers and the decrease in the MACD histogram further validate the strengthening of downward momentum, and prices will continue to face pressure. Although prices are above the EMA24/52 moving averages, the main funds continue to flow out, and the rebound lacks strength, waiting for further adjustments.
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Operation Suggestions:
Short Bitcoin at 116000-116500, target near 115000-114000. Stop loss at 117500.