$BTC Evening Viewpoint:
The big pancake failed to challenge the new high once again, and this time it hasn't even reached the height of the last attempt. This is already the third time the big pancake has tried to push up towards a new high. Will there be a fourth or fifth time? If each attempt is lower than the last, then a correction is the only way out for the big pancake.
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Looking at the chart: at the 2-hour level, the yellow arrow indicates the position with three small spikes. Is this not the trident pattern in candlestick charts? What does this pattern represent? If you don't understand, go read a book. If this position cannot break through for a long time, the bulls' confidence will be severely impacted. It must pull back for a deep squat before charging forward.
It's like asking a girl out; if she doesn't show up the first time, and then you ask a second and third time without success, acting aloof, will you still have the same impulse to ask her out as the first time? It's the same principle, haha.
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The big pancake with volume breaks above 103616 for a short-term long position, while 103326 breaking down with volume will lead to a rebound that cannot reclaim, so watch out for shorting on the right side. Pay attention to the changes in volume.
If the big pancake can break 104588 at the hourly level, it will continue to move upwards, looking towards 105475-106426. Do you think it can go up?
At the 4-hour level, breaking 102985 looks down towards 102206-101724.
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Continuing to look at the chart: at the 4-hour level, observe the volume indicated by the yellow arrow; currently, the volume at the 4-hour level is in a state of contraction.
However, the price is consistently moving upwards, which is called a shrinking upward trend, scientifically known as a divergence at the top. A shrinking upward trend is not sustainable.
Unless there is a massive volume and a breakthrough of the previous high, resolving the divergence by consolidating above the previous high, otherwise watch for correction risks. Meeting adjourned.
