8.29 Afternoon Thoughts
From the daily chart perspective, Bitcoin has entered a consolidation range after experiencing significant fluctuations in the early stages. After the sharp drop on the 25th of this month, there was a rebound with two consecutive days of gains, but it has not been able to break through the previous high point and is currently in a corrective process.
Looking at the hourly chart, the overall pattern shows a rise followed by a drop, with selling pressure around 1126 being quite evident. In the short term, bullish momentum has weakened, and the moving averages have turned downward, forming a death cross. In summary, today’s strategy is suggested to focus on "placing short positions after a rebound."
Bitcoin trading strategy: Rebound around 111850-112560 🈳, target below around 110850
Altcoin trading strategy: Rebound around 4512-4485 for short, target below around 4425 $BTC