$BTC Evening Viewpoint:
Yesterday's big V Tiansong was quite successful, achieving a successful V-shaped reversal. In the hourly level, there were 4 consecutive bullish candles, which suggests that the market is not short of money! It's just lacking a leader.
With no leader, everyone is rushing around, going wherever it seems lively, which seems to be the idea.
The V-shaped reversal was very successful, and if we can have another two-level reversal today, how it rises and how it falls back would definitely be more interesting.
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Talking through the chart: If we look at the hourly level of Bitcoin according to the wave theory, it should currently move in a 3-wave upward trend. What constitutes a successful 3-wave upward trend? It must break through this morning's high of 106785, which is also a key resistance level and the neckline that must be broken for the 3-wave to take shape.
Only by breaking through 106785 can the 3-wave upward trend be considered initially successful, allowing for a continuation of the rise; if it can't break through, it's pointless.
Bitcoin should break through 105300 with volume before entering long positions on the right side, and if it breaks down 104994 with volume and fails to recover, it should be shorted on the right side; pay attention to changes in volume.
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For Bitcoin on the hourly level, it must first break through and stabilize above 105709 to look at the upper target positions of 106489-107186; if it can't rise, it will continue to consolidate and fluctuate.
On the 4-hour level, if it breaks below 104481 and can't recover in time, then it will enter a correction, looking down at 103271-102399.
Next, looking at the chart: The Fibonacci retracement on the hourly level has just perfectly broken below the Fibonacci 61.8 level; currently, Bitcoin on the hourly level is defending the 61.8 level.
If it successfully stands above the 61.8 level, the next target will be near the previous high of 107106, with the ultimate target being 110207.
Actually, I am quite worried about the market rising like this. If Bitcoin can steadily rise step by step, that’s fine; I just fear it might shoot straight up, which would be dangerous. I hope Bitcoin can stabilize! Meeting adjourned.