On the morning of August 8, the Bitcoin market showed a strong upward momentum. After a period of accumulation, the price of Bitcoin broke through the key resistance level of 11.67 dollars and once climbed to around 11.75 dollars. Currently, the price is slightly adjusting near 11.73 dollars.

Analyzing the 4-hour chart, Bitcoin has consecutively broken through several resistance levels, showing significant upward momentum. In terms of technical indicators, the Bollinger Bands are widening, with prices running along the upper band; the MACD fast and slow lines continue to move upward after breaking the zero line; the KDJ indicator is in the overbought zone but still maintains an upward trend. These signals indicate that the current bullish strength remains strong.

The hourly chart shows that Bitcoin may be in the fifth wave of the ascending five-wave structure in Elliott Wave Theory, which is the main upward phase. Therefore, a positive outlook can still be maintained in the short term. Investors should closely monitor the support around $11.67, as this level may provide a good buying or accumulation opportunity.

For day traders, it may be worth considering opening long positions when Bitcoin pulls back to the range of 11.67-11.70 USD, with upward targets set around 11.85-11.89 USD. However, investors must keep in mind that the cryptocurrency market carries high risks and should operate cautiously according to their individual risk tolerance, while also ensuring proper risk management.

As the price of Bitcoin continues to rise, market sentiment may become more optimistic. However, one should also be wary of potential short-term pullbacks, as rapid increases are usually accompanied by a certain degree of profit-taking. Investors should remain rational, paying attention to changes in various technical indicators, as well as macroeconomic factors and industry news that may impact the market.