August 9th Bitcoin Market Outlook

In the early morning, Bitcoin's price retraced from the 91425 level down to the 90500 support level and then quickly rebounded. It subsequently entered a narrow range around 91200, with the market pace becoming more subdued and no significant volatility observed.

From a technical perspective, the four-hour chart shows the price moving within the middle to lower bands of the Bollinger Bands. The rebound after testing the lower band appears weak due to a lack of bullish momentum, with no trend-driven upward energy currently evident. On the hourly chart, when the price approaches the upper Bollinger Band, it encounters strong selling pressure, and the upward momentum significantly diminishes. The likelihood of a subsequent correction or decline increases.

Bitcoin Trading Strategy: Consider short positions around 91500-92700 on rebounds, targeting 90200-89000. If broken, continue to look lower.