$BTC Evening View:
Is Bitcoin going to gradually recover the losses from yesterday? Bitcoin has formed 5 consecutive small bullish candles on the hourly chart, and if 5 small bullish candles are not enough, then let's pull up 5 more candles to be sufficient.
The crypto world is so magical; it seems like a lot happened yesterday, but today it feels like nothing happened at all. This is why everyone loves the crypto space.
🏜️
Looking at the chart: Currently, Bitcoin on the hourly chart is facing resistance at the Fibonacci 61.8 level of 103749. If it can break through this 61.8 level, then we look towards an upward target of 105878.
So, it's all about how to go down and how to come back up. I wonder if those who chased the shorts are feeling the pain of being trapped. Those who know nothing still dare to trade—truly a rookie not afraid of tigers, but their capital will suffer!
At 4 AM, Bitcoin dropped to 100305, and the next hourly candle didn’t make a lower low. Are you still brave enough to short?
Better not go long than to go short!
Moreover, Bitcoin rebounded and broke through the previous support-resistance swap level of 102000, and you still want to short? You must have practiced your iron head skills.
Bitcoin broke through 103705 with volume, so chase long on the right side; when 103073 breaks down with volume and cannot recover, then it’s time to chase short on the right side. Pay attention to changes in volume.
🏜️
If Bitcoin on the hourly chart can break and hold above 103821, look towards the target positions of 104649-105269, aiming for a two-level reversal.
On the 4-hour chart, if it breaks down the 103048 level, look down towards 102054-101258.
Continuing to observe the chart: On the daily chart, Bitcoin just dropped to the EMA 50 daily moving average yesterday and received support, starting to rebound upwards.
If the rebound can break and hold above the EMA 20 daily moving average, then things will improve further, and the music and dance will continue.
However, there is still a risk point on the daily chart, as the MACD fast and slow lines are indicating a potential move below the zero axis. Once the MACD fast and slow lines go below the zero axis, the bears will dominate the market. The only way to prevent the MACD on the daily chart from dropping below the zero axis is to rally the price; there’s no other way. Only this method can break the deadlock; only a rally can stop the MACD fast and slow lines from going below the zero axis. Manage your stop losses well, and let’s wrap it up.