8.18 Today's Market Analysis and Interpretation

During the day, Bitcoin fell from $118,000 to $115,000, and Ethereum dropped from $4,500 to $4,300, with over $400 million in long positions liquidated overnight, continuing last week's 5% correction trend. Currently, the financing rate has turned negative, and the risk reversal favors bearish options, indicating that caution is needed in positions ahead of the Federal Reserve's Jackson Hole meeting. However, corporate demand still exists, and the Federal Reserve's policy path has become complicated, but Metaplanet has still increased its holdings by 775 BTC, expecting Bitcoin prices to maintain between $112,000 and $120,000.

Back to the chart, currently focusing on 4H, 114,500, if held, then the price will test several levels upwards: 115,700-116,500-117,100; if broken, the market will continue to weaken, with support levels to watch below at 114,000-113,200-112,000 for rebounds. The recent view is that if it breaks 117,000, the correction trend will continue, with the next key support at 114,000. Once broken, the correction trend will extend again. However, after this recent decline, there is a high probability of a small rebound, with the rebound range at 115,200-117,000.

The current correction trend continues, and after a short-term small rebound, it will continue to decline. The current trend belongs to a healthy correction in a bull market. #比特币 $BTC