8.20 BTC Silk Road

From the current market situation, BTC's recent trend has shown a certain retracement pattern after peaking on the 14th. Currently, the lower track has been repeatedly broken and shows signs of extension. After BTC set a new high, the price has once again retreated to fill the gap below, with current support around 111800. If it can effectively stop falling, there may be a continuation of the upward trend; however, if it breaks down, the possibility of further decline to 108000 will also increase.

From the four-hour chart, the middle band of the Bollinger Bands has come under pressure and has rapidly fallen, with the lower band continuously extending downwards. The KDJ indicator shows signs of a bullish crossover forming near the zero axis, while the MACD bears are decreasing in volume. The lower band at 111800 is a potential strong rebound point in the near term, and if it can effectively stop the decline, there is an opportunity for further recovery.

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