Good morning, folks

Today is September 1st, Monday morning at 9 AM, let's chat about BTC while munching on buns.

The price of Bitcoin dropped to a low of 107,588, then quickly bounced back to 107,800, leaving a long lower shadow. It looks like someone shouted 'buy the dip', and a crowd rushed in to pick up the chips.

The 1-hour and 4-hour moving averages are still in a death cross, short-term sentiment is bearish, but the MACD bars are starting to shorten, indicating that the bearish momentum is losing steam.

There are two key levels: 110,800 (100-day moving average) above and 107,000 below. Whichever is broken first will determine the direction of the market.

The 4-hour chart is forming a descending wedge, with the upper boundary at 113k and the lower boundary at 107k. The end is closing in quickly, and we can expect a 'pop' tonight to choose a direction.

On-chain whispers

The BTC balance on exchanges saw a net outflow of 3,200 coins yesterday, the largest in two weeks, indicating that the main players do not want to crash the market. The contract funding rate is slightly positive, with longs and shorts almost balanced at around 50-50, showing no one-sided bias.

Personal opinion

Trading strategy: look to short around 108,700-108,500, with a target of 107,300-106,600.

If the price breaks 109,200, the strategy needs to be adjusted. #BTC☀