Folks, we need to closely analyze the Bitcoin market on August 24th. The current trend is quite twisted, as the 4-hour chart clearly shows a downward consolidation channel, with each high being lower than the last and lows also shifting downwards, making it look weak in the short term. But don't panic, the daily level still maintains a stable long-term upward trend, so the general direction hasn't deviated.
Key levels must be remembered. On the resistance side, $116,200 is a tough nut to crack, as it is both the 38.2% Fibonacci retracement level and overlaps with the EMA moving average cluster, making it difficult to break through. Further up at $117,500, recent attempts to rally have stumbled here, so the pressure is definitely significant.
Support levels must also be monitored closely. The range of $113,000 to $113,500 is critical, as it represents a psychological barrier recognized by many, as well as a dense area of on-chain costs, which is likely to hold. Further down, $111,700 is the fundamental support of the channel, so if we reach this level, we need to be extra vigilant.
In terms of indicators, the 4-hour MACD shows a bearish dominance, but the momentum has weakened, indicating that the bears are running out of strength. However, the daily MACD continues to show bullish momentum, indicating that the medium to long-term trend is still intact, so there is no need to worry too much. The 30-minute RSI is currently at 42.14, which is neutral to bearish, and has not yet reached the oversold zone, suggesting a possible short-term pullback.
In terms of operations, refer to Hao's suggestions. Consider shorting near $114,750 to $115,100, initially targeting $113,700. If the momentum continues downward, then look at $113,180. However, the market is unpredictable, so always set stop losses when trading, don't be greedy or panicked, and controlling risk is the most important thing.
