Friday, August 29th Market Analysis

The current market continues to exhibit a typical oscillating consolidation pattern, with Bitcoin prices showing clear range trading characteristics on the 4-hour candlestick chart. Yesterday, when the price surged to the upper Bollinger Band around 113430, it encountered strong technical resistance, and the bullish momentum rapidly diminished below this resistance level. The price then entered a pressured decline channel, and as of now, it is gradually testing the support effectiveness at the middle Bollinger Band around 111300.

It is worth noting that although the market briefly showed signs of a rebound yesterday, the bullish momentum continued to weaken during the rebound process, failing to establish a sustainable upward structure, and the trading volume was also insufficient. Considering the technical patterns and volume performance, the bearish outlook for the subsequent market remains unchanged. It is essential to pay close attention to the support at the middle band. If it breaks down, it may further open up downward space.

Bitcoin around 112600-113400 🉑 bearish outlook, target looking down to around 111800-111000. If it breaks down, continue looking lower; if not, consider attempting a reversal.