Cryptocurrency trading is a long-term plan, not something that can be achieved overnight, so one should not be overly anxious. Even if there are short-term losses, there is nothing to fear. As long as the subsequent direction is chosen correctly, what has been lost will eventually return. However, it is important to grasp the timing of trades and the current market trends to improve the win rate. At the same time, investing is also a process of growth. Mr. Coin advises all cryptocurrency friends to learn while trading, summarizing both gains and losses in a timely manner, deepening the understanding of risks, and planning the correct mindset. This way, risks can be reasonably avoided, and one can become a qualified investor.

8.16 Bitcoin (BTC) Market Analysis Reference

Bitcoin has been affected by yesterday's pullback, leading to a breakdown and a downward move, with support shifting to the 117,000 level. Overall, the trend remains weak, so we need to be cautious of further price breakdowns testing lower levels, which could continue the daily downtrend. Currently, there is no breakdown, and it is recommended to focus on short positions for rebounds.

Looking at the short-term hourly chart, the Bollinger Bands are opening downwards. The recent rebound of over a thousand points did not close the lower band, and the price rebound did not break through the middle band resistance. The short-term pattern remains unchanged without a breakdown, with the price currently operating near the 117,000 level. The short-term trend is under pressure and in a pullback, with upward momentum gradually weakening. A continuation of the pullback is expected, so it is temporarily advised not to go long and to wait for a rebound to enter. The upper resistance to watch is 119,000, while the lower breakdown level is 116,500.

8.16 Bitcoin Short-term Reference:

Short position entry point 120,300-119,300, stop loss at 122,500, target below 118,500.

Long position entry point 115,500-116,200, stop loss at 500, defend at 113,000, target above 117,400.

There may be delays in article posting, and strategy suggestions are for reference only. The market changes rapidly, and regardless of how confident one is in market judgment, it is essential to manage take-profit and stop-loss effectively. For more real-time trading strategies, online technical learning, and exit strategies, you can follow the mentor's public account (Mr. Coin) for addition methods: the first ten each day can receive free exit strategy advice.

For more real-time trades, you can follow my public account for online market technical learning, exit strategies, etc. I have researched the market for many years, studying the major trends in the cryptocurrency space, and have studied extensively in the U.S., mainly analyzing and guiding BTC, ETH, DOT, LTC, FIL, EOS, BCH, ETC, and other cryptocurrencies. I welcome all cryptocurrency friends who are unsure about trading to study and learn together.

Exclusive views, there may be delays in article posting, and risks are to be borne by oneself. Manage positions reasonably, and avoid heavy or full positions. Mr. Coin wishes all fans to achieve financial freedom, to move forward together, and to keep pushing. In the depths of time, hold onto understanding. In investing, one must learn to be optimistic. Do not let your future self dislike your present self. We live authentically, but not every data revelation needs to be taken too seriously. Let the past be the past, and let the future come quickly! Take good care of yourself, prepare well, and be ready to set off at any time. Let's go!

—— This article is written by Mr. Coin from the cryptocurrency community, no plagiarism, respect originality!

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