Morning BTC Technical Analysis:
4-hour Chart Observation: After Bitcoin's price rebounded from a low of 111,800 on August 3, it encountered resistance near 115,800, leading to a subsequent decline. The current chart shows that the price is attempting to form a potential double bottom pattern to seek stability. Overall, the market is in a critical phase of consolidation, with intense battles between bulls and bears. Although there are significant signs of a decrease in the previous downward momentum from chart patterns and momentum indicators, there is still a lack of clear and strong upward breakout signals to confirm the direction for an effective reversal.
1-hour Chart Dynamics: The short-term trend shows more positive changes. The price has successfully broken through the middle band of the Bollinger Bands and is moving upward, clearly indicating that bullish strength is accumulating and gaining momentum in the short term, pushing the price to rebound. Meanwhile, the MACD fast and slow lines have formed a golden cross, and the green bars have quickly shortened and converged, now clearly turning into red bars. This classic combination of technical signals clearly indicates that the short-term downward momentum of the market has significantly weakened or even exhausted, while the willingness of bulls to fight back appears to be strong, providing technical support for a short-term rebound. However, given that the 4-hour level has not yet established a trend, the sustainability and magnitude of this rebound still need to be verified by subsequent volume and breakthroughs of key resistance levels.
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