8.15 Pipe Extension Morning Thoughts:

Currently, the market shows that Bitcoin and Ethereum are in a period of correction after a significant decline. The daily chart for Bitcoin has a massive bearish candle that has retraced this week's gains, and the moving averages are turning down, with bears gradually taking control. The four-hour level has interrupted a series of four consecutive bearish candles, with the candlestick showing a long lower shadow, indicating that bearish momentum is stagnating. At the hourly level, there is a fragmented K-line adjustment, with the 118,000 level being contested. The three consecutive bullish candles are showing reduced volume, making it difficult to sustain the upward movement. For the early session, a bearish outlook is maintained, with attention on key breakout points.
Bitcoin: 118500-119000🈳, watch 117000, 116000
Ether: around 4580🈳, watch 4500, 4400