$BTC 08.25———Bitcoin Early Market Analysis
✅Recently, it has been emphasized that this wave of increase is driven by sentiment and will not last. A recovery to 117,000 is needed for continued growth, but there is still an expectation of forming a bullish structure. The range of 114-113 is a necessary position to gamble on. Since we have set stop losses, there are only 2 expectations left for Bitcoin⬇️
1️⃣ Bullish structure formation fails, continues to decline, and undergoes a major correction. Note that the first major support in the big cycle is around 108,000, and the second support is just below 100,000. Once reaching this position, spot buying can be considered.
2️⃣ Why did it stop falling at 110,400? This has been emphasized many times before; this point is the resonance zone of the Vegas channel and the daily scalp. Looking at previous articles, I believe the pin position for the 2B long should be here. As a result, it rose after hitting 111,600. Now that we are here, there is still an expectation of a rebound. We can still take a 2B long position and expect a rebound to 118,000. This is also the reason for chasing long positions. If it falls back, we can set stop losses and wait for 108,000.