BTC Market Analysis: The early morning drop immediately wiped out many long positions. August started with a vengeance for the bulls! It's already rebounded, with the pinpoint near 114k, which was actually an ideal take-profit point for the previous short position. Unfortunately, the dip wiped out my capital! Traditional Analysis: The 4H chart shows a rebound near the trendline. We'll need to monitor the strength of this rebound. If it can break back above 116,800, this could be a short-term low. Above that, keep an eye on the wedge trendline at 118k! I also entered a long position early in the day at 115k, leaving room for a buy-in. Will the market rebound directly to the target or fluctuate?