8.29 Bitcoin Strategy
From the weekly K perspective, Bitcoin's price is testing the support of the weekly middle track. If it effectively breaks down further, the space below will be opened up; the daily K has formed a medium bullish candlestick with a long upper shadow and a shorter lower shadow, clearly suppressed by the BBI indicator, with the middle and lower tracks continuously opening downwards, maintaining a bearish trend. Looking at the 4-hour level, the price encountered resistance after hitting the upper track and has retreated, currently testing the middle track support, with a strong bearish outlook for the day.
In terms of operations, the resistance above focuses on the range of 112500 - 113500. If there is a rebound close to this area, decisively position for shorts; if the price breaks below the key support of 110000, one can follow the trend to short, targeting down to 108000 - 107000, strictly using stop losses to manage risk.
