8.1 Early Morning Analysis

In the evening, Bitcoin first tested the 117700 level to form a short-term support point, and then quickly rebounded to around 118700, after which it entered a narrow range consolidation phase.

From the hourly Bollinger Bands perspective, the current Bollinger Bands show a clear contraction pattern: the upper and lower bands are continuously converging, and the distance is narrowing, indicating that the short-term volatility is decreasing, and the market momentum is temporarily in a balanced state. The center of the Bollinger Bands is operating around the middle band, which shows strong support effectiveness—during the retracement process, it has repeatedly absorbed downward pressure without showing an effective breakdown, further consolidating the support base within the short-term range.
Therefore
The pancake can be arranged near the range of 117600-116800.
The target can be seen near the range of 119000-120000.
The two cakes can be arranged near the range of 3760-3710.
The target can be seen around the range of 3850-3900.
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