BTC Analysis
The daily chart of Bitcoin shows that after a significant drop on August 14 (a drop of 5011.4 points), a long bearish candlestick was formed, accompanied by high trading volume. The following two days experienced consolidation, but a significant rebound was not achieved, overall displaying a weak pattern.
On the 4-hour chart, the current candlestick has consistently closed with small bullish candles, indicating signs of stabilization in the short term, but it remains near the previous low point, facing considerable resistance.
MACD: The daily chart MACD continues to diverge downwards, with strong bearish momentum; on the 4-hour chart, both the DIF and DEA are below the zero axis, and the histogram is negative, indicating that the short-term trend remains bearish.
Recommendation: Look for a range around 118500, with a target down to 116000$BTC
