This week, the Bitcoin market is showing a volatile pullback trend. From the weekly chart, the previous closing formed a bearish line, and today’s trend continues to test downward. Investors need to closely follow the closing situation this week, as the current candlestick pattern suggests that the main tone for this week may be dominated by a volatile decline.

From the overall Candlestick structure analysis, the wave of increase that started in early April may constitute the fifth wave at the weekly level. If the fifth wave is confirmed to have ended, the subsequent pullback may be significant. Therefore, bullish investors need to be particularly cautious in the second half of August, and it is recommended to observe more before taking action.

The daily chart shows that the recent important support level is around 112,000. If this support is effectively broken, the next key support level will be around 105,000. In the short term, these two support levels are worth paying close attention to. The resistance level above remains below 120,000.

Overall, the current market is at a critical moment, and investors should remain vigilant, closely monitoring the price reactions to key support levels while assessing potential downside risks. When making investment decisions, it is recommended to combine multiple technical indicators and fundamental factors to gain a more comprehensive understanding of market trends.