Morning Analysis on August 1

Bitcoin started its downward trend from the 119200 line yesterday afternoon, oscillating lower and showing signs of breaking through the current range. There was a brief rebound midway, but it was weak like a shooting star, failing to reverse the downward inertia.

In my opinion, since the main force has released clear downward momentum in this wave, it is highly likely that it will not stop easily in the short term. There is still potential for further downward movement, and friends holding long positions should be wary of wishful thinking, ensuring to set stop-loss protections to avoid further risk amplification.

This morning, Bitcoin continued its downward trend. Observing the market, the K-line patterns, technical indicators, and overall market sentiment all clearly indicate a bearish dominant pattern. The price briefly touched a low of 114300 during the session; although there has been a slight rebound, the momentum is clearly insufficient, and no effective reversal signals have appeared yet. 📉 If the price breaks below the 114300 support again, it cannot be ruled out that it will continue to seek lower support areas, and bears still have room to operate.

Personal suggestion:

Bitcoin: Consider opening short positions in the range of 115600-116500, with initial targets at 114000-112000; if it breaks below, further look towards around 110000.

Ethereum: Consider short positions in the range of 3710-3750, with lower targets focusing on 3600-3500; if it effectively breaks below, it can extend to around 3350.