8.25 Monday Morning Bitcoin Strategy

Over the weekend, Bitcoin plummeted from around 1170 on Saturday morning to the 1106 area in the early hours, a drop of over 6000 points. It hit bottom and rebounded in the early morning, currently oscillating around 1136. The market is unpredictable, frequently undergoing shakeouts.

On the 4-hour chart, two large bearish candles broke the middle track and the 1116 support. Although there is a rebound, it remains in a bearish trend. In the future, watch for resistance at 1140 and 1150; if it struggles to break through strongly, the probability of a downward movement is high.

In the morning, shorts near 1137 and 1141, looking at the 1120 - 1105 area; if it falls but does not break, consider going long.