8.25 Monday Morning Thoughts: If the rebound does not continue, we still need to short the market

In this sphere, it constantly brings you surprises or shocks. Over the weekend, the performance of Bitcoin was extremely exaggerated, dropping from around 1170 on Saturday morning to the 1106 area early this morning, a decline of over 6000 points, leaving the bulls in despair. After hitting the bottom in the early morning, Bitcoin has seen some recovery, currently oscillating around the 1136 area.

From the current perspective, the decline of Bitcoin is more influenced by news factors. In the 4-hour chart, two consecutive large bearish candles broke through the middle track support, opening up space below. At the same time, the bearish candle body has broken through the previous support at 1116 with increased volume. There is a slight short-term rebound, but it is still overshadowed by the bearish trend. In the future, focus on the pressure at 1140 and 1150; if it doesn't strongly break upwards, the chance of going down is quite high.

This morning, short Bitcoin around 1137 and 1141, looking to target the 1120-1105 area. If it goes down and does not break through, then consider reversing to go long. $BTC