September 2nd Bitcoin Auntie's Evening Thoughts
From the 1-hour chart, the price surged to the upper Bollinger Band and quickly encountered resistance. Bullish momentum has clearly weakened, with the MACD red bars shortening and trading volume not increasing. The rebound lacks financial support and is a weak recovery.
From the 4-hour chart, it is still operating below the middle Bollinger Band. The rebound is merely a technical pullback after a drop. Although the MACD shows some red bars, the strength is insufficient to change the mid-term bearish pattern. Bitcoin remains in a bearish-dominated environment, and the current rebound is merely an opportunity to short.
Personal suggestion:
Bitcoin: Position in the range of 110500–111000, add to positions at 111500, target downward to 108500–107200, if broken see 105000!
Auntie: Enter in the range of 4420-4450, add to positions at 4500, target downward to 4220, if broken see 4050!
