Bitcoin Market Analysis on August 22
1. Market Review
Yesterday, Bitcoin rose above 113,000, but faced resistance at high levels and fell back. It is currently fluctuating within the 112,000–113,000 range, with an overall weak trend. The market remains cautious ahead of the upcoming Jackson Hole meeting, leading to increased short-term volatility.
2. Technical Analysis
- Candlestick Patterns
The price has repeatedly tested the support level of 112K–113K, but has not effectively broken below it.
The resistance zone at 116K–120K has consistently failed to break through, with limited rebound momentum.
- Indicator Signals
MACD: Both the fast and slow lines are operating below the zero axis, with green bars shortening, indicating weakening bearish momentum.
RSI(14): Approximately 46, in a neutral zone, with unclear short-term direction.
Moving Average System: BTC has broken below the 50-day moving average (approximately 116K), which has turned from support to resistance.
- Trading Volume
Trading volume has continued to shrink in recent days, indicating a decrease in market activity.
Volume spikes mainly occur during rapid declines, reflecting cautious market sentiment.
3. Key Levels
Support Level: 112,000–113,000 (if broken, may test 108,000)
Resistance Level: 116,000–120,000 (if broken, short-term rebound momentum may be regained)
4. Trading Strategy
Focus on a range-bound trading strategy in the short term, buying low and selling high.
Long Strategy: Lightly buy in the 112,000–113,000 range, with a stop loss at 111,000, targeting 116,000.
Short Strategy: If the 116,000–118,000 range faces resistance without breaking, consider lightly shorting, with a stop loss at 120,000, targeting 113,000.
📌 Summary: BTC is expected to maintain a weak range-bound pattern in the short term, with key attention on whether 112K holds and whether 116K breaks. The direction of the breakout will determine the future trend.
BTC
[The above analysis and strategies are for reference only. Please bear the risks yourself. The article review and publication may have delays, and the strategies may not be timely. Specific operations should follow the real-time strategies of crypto experts.]
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