Good morning, this morning the coin price tested upwards near 118,800 and then faced pressure and fell back down, descending to around 117,400 where it showed a slight rebound, followed by a larger and faster retracement. Currently, the coin price is running around 115,500, and the current retracement is still ongoing. I had already started reminding everyone two days in advance that a market turning point is imminent, and the strategy has been consistently outlined. Yesterday morning, we entered a short order at 118,505 and strongly captured a space of 1,078 points at the 117,427 level, then entered another short order at 117,979, and again strongly seized 1,493 points at the 116,486 level. Following yesterday morning's strong capture of swing trading, this morning we once again precisely grasped the swing trading, achieving a good start in August.

From the daily chart perspective, the daily line is about to close, and the coin price has formed a strong downward movement with a large bearish candle piercing through the lower boundary. Currently, an oversold downward trend is forming, and at the same time, the coin price has quickly exited the previous range of box oscillation. The market has provided a new direction, and the bearish momentum is further strengthening. The Bollinger Bands are expanding downward, opening up further space for decline, and a deep correction may be on the horizon. Looking at the four-hour chart, the coin price has quickly dropped from above the middle band to below the lower band due to two consecutive large bearish candles, and all indicators are accelerating downward. Currently, there are no obvious signs of a stop in the decline on the chart. Therefore, after a certain correction and consolidation, the coin price will further retrace downward. We maintain our bearish outlook and continue to short on rebounds.
Short order for Bitcoin at 116000-116500, watch around 114500. Short order for Ethereum at 3700-3730, watch around 3600.
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