8.14 Morning Analysis

The bitcoin market ushered in a strong breakout at midnight, with prices breaking through previous resistance in one fell swoop, reaching a high of around 615,600. However, after this brief brilliance, the market began to fall under pressure, and the current price is being adjusted around 60,500 to digest the market sentiment brought about by the short-term pull-up.

However, with the rapid rise in prices, the market also began to face pressure from above and the need for profit-taking. Therefore, shortly after reaching the high point, the price of bitcoin began to fall under pressure. At present, the price is being adjusted around 60,500, and in this process, market sentiment has gradually stabilized.

From a technical point of view, the upper track of the four-hour Bollinger band has a significant suppressive effect on the rise in prices. After the price of bitcoin touched the upper track of the Bollinger band, due to the dual effects of market pressure and profit-taking, the price began to fall and entered the adjustment stage. Therefore, during intraday operations, we should continue to pay attention to the changes in this position so as to adjust our trading strategies in time.

In the morning session, it is recommended to enter long orders near 60500-60000, with a target of 61500-62000

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