August 28 Friday Bitcoin Analysis

Last week, Bitcoin's price surged directly from the bottom of 64 to the 81 mark, almost reaching the high point of May. This week, it has entered a period of consolidation and correction. We have set a value-adding plan around 5000 oil this week, making a total of ten trades in the first four days, with nine wins and one loss. Ignoring the timeliness point spread, the current balance is approximately 8000 oil, so we should be able to complete our twice plan by the end of the month.

The daily chart has formed a U-shaped reversal, followed by a normal retreat with a bearish candle, and continues to display a double bullish trend. Accompanied by a bearish candle with an upper shadow, it continues to show a double bullish trend, indicating that the overall market is still leaning towards an increase. After a large rise, it is now in a consolidation phase while waiting for moving average indicators to shift upwards, supporting the continued rise in coin price. Therefore, the current price is in a slow recovery stage.

After reaching a high on the four-hour chart, there was a certain decline, then a rebound reaching the lower band, forming a small V-shaped reversal pattern. Currently, the upper side is still under certain pressure, so in the short term, the price may remain volatile. However, the bearish momentum of MACD is not expected to be strong; a decline could soon lead to a rise. Sustained upward movement will also require momentum. I predict that after the weekend correction, the next phase of rise will await the monthly close.

Therefore, maintain a primary bullish and supplementary bearish strategy during the day. We look to gradually go bullish in the range of 79500-79100, targeting a breakout at 80800 to continue looking towards the 82300 mark.

Follow Feishu, the solution to worries is only through Jiang Wei, an analysis blogger with emotional value at full capacity, freely sharing trading education. Bringing stability and clear guidance in a restless trading market, having traversed three rounds of bull and bear markets and years of practical trading experience, specializing in naked K, trends, Dow theory, Gann, harmonics, Chan theory, Elliott wave theory, and other technical analysis, gathering unique insights.

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