0822 Rebound momentum is insufficient, fearing that it will exacerbate programmatic selling, with market expectations of closing below $111,000 at the end of August.

0822 Bitcoin market report ✅✅

The price of Bitcoin exhibits a dual characteristic of key support level contention and weak short-term rebound. Overall, it continues the recent pattern of retracement and downward fluctuations, with target trading slightly above $112,000, due to the unstable macro environment and market uncertainty leading to short-term volatility before Powell's speech on Friday in Jackson Hole, Wyoming.

The short-term chart shows that bears launched a total attack at $114,000, but bulls successfully absorbed the selling pressure in the $112,500 area, triggering a technical rebound to $114,800. It then fell back to retest the support in the $112,000-$111,800 area, but was suppressed by a short-term downtrend line, with volume-price divergence indicating insufficient rebound momentum. If it cannot quickly recover $114,000, the downtrend may continue, and breaking below the previous low of $112,300 could lead to a drop to $110,800 (200-day moving average); conversely, a volume breakout above this level and a stable position at $113,800 may welcome a technical rebound repair. The "death cross" signal formed by the daily EMA (at $117,300) and 100-day moving average (at $118,000) has yet to be broken, and the medium-term uptrend faces reversal risks. The midline at $114,800 has become a key resistance level, and if the rebound fails to break it, the downtrend may continue. The only thing to note is that the market currently expects Powell's speech to be somewhat hawkish, and traders seem to be betting on a hawkish stance in advance, which may conversely be a "sell the expectation, buy the news" situation forming a bottom. At the same time, most of the market believes that this decline is not a trend reversal, and once the macroeconomic environment stabilizes, the uptrend will continue to recover. In summary: the short-term direction depends on the defense of the $114,000 support level, while also being wary of the rebound pressure in the $112,000 area. It is recommended to prioritize monitoring the breakout signals in the $112,000-$114,800 range, and follow the trend upon breakout.

💥💥Operation suggestions: 1. If it falls below 112000 dollars, you can follow up with a short position, with a target of 110000 dollars and a stop loss at 113000 dollars; 2. If the price rebounds short-term at 114500, take a light short position with a target of 112800 dollars and a stop loss at 115500 dollars.

Special reminder: This article is for readers' reference only and should not be used as an investment basis!!!

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