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8.12 (Tuesday) BTC midday market analysis
From the 4-hour timeframe, after five consecutive bearish candles, the price has received significant support in the middle region of the Bollinger Bands and has not experienced a substantive breakdown. Currently, the overall channel is in a converging and flattening state. If this key support level at the middle band can remain effective, the overall strong pattern of the market will continue.
Looking at the 1-hour timeframe, although the price shows a震荡下行趋势, it briefly pierced the lower Bollinger band before stopping its decline and rebounding. Despite some retracement in the intraday gains, the current price remains above yesterday's low, and signs of weakening selling pressure have emerged in the short term.
In summary, the effectiveness of the core support area has been validated, while the bearish energy has somewhat dissipated. It is recommended that the strategy in the afternoon focuses on seizing low-buy opportunities during the pullback.
Operation suggestion: BTC is making a move in the range of 118000-118400, with the target looking towards 119800-120000.