$BTC Evening Viewpoint:
The Bitcoin really lacks strength in its rebound! It can basically be said that there is no rebound at all, just hitting the support level of 103000.
There has been a few hundred dollars rebound due to short positions taking profits, but it couldn't rise above 104000 and has failed.
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Speaking with the chart: Looking at the daily level of Bitcoin, everyone should find the EMA moving averages and take a look. Currently, Bitcoin has breached the EMA 20-day moving average at the daily level. Before it recovers above the EMA 20-day moving average at the daily level, this EMA 20-day moving average is currently one of the biggest resistances for Bitcoin.
If we look at the moving averages, the most effective support below Bitcoin is the EMA 50-day moving average, corresponding to the price of 99930.
At present, the daily level moving averages have not diverged downwards. If the moving averages turn down and move in the direction of the white arrow, then it will be a disaster and the daily level correction will begin.
What awaits everyone is something for you to imagine! The daily level correction cannot be completed in just a day or two.
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Bitcoin broke through 103690 with volume, chasing long positions on the right side, can it give a rebound? If 103340 breaks down with volume and cannot recover, chase short positions on the right side. Pay attention to observe the changes in volume and keep good stop losses.
At the hourly level, if Bitcoin can break through 130850, look upwards to 104564-105013, looking at Bitcoin's weak appearance.
At the 4-hour level, if it breaks below 103262 again, and the 4-hour closing price stays below 103262, look down to 102039-101331-100688, this is what I can currently see.
Continuing to look at the chart: The position circled in yellow at the weekly level of Bitcoin, this indicates a bearish engulfing at the weekly level. Although the weekly hasn't completed, it will basically form a bearish engulfing pattern at the weekly level.
Now you think that it has dropped so much, shouldn't it rebound? The decline may have just started. Meeting adjourned.
