$BTC Evening Perspective:
I believe many students who chased high prices have been stopped out during this wave of decline in Bitcoin, but don't be discouraged.
This wave of sell-off was caused by geopolitical conflicts, meaning it was purely a news-driven sell-off.
No one can predict when conflicts will occur; if someone can, they are not human, they are a god.
Therefore, being stopped out during this decline is reasonable, and you don't need to regret it; who can know what will happen tomorrow.
🌇
Talking through the chart: Looking at the two high points indicated by the yellow arrows on the Bitcoin daily chart, doesn't the right-side trend replicate the left-side trend in a 1:1 manner?
Both have shown a high point followed by a correction. If Bitcoin is to follow a double top formation on the daily level, it could become problematic.
Moreover, the left-side trend saw a drop for 10 days before a bottom signal appeared, forming a rebound. If Bitcoin truly follows the left-side trend, it has only dropped for 4 days so far, meaning it needs to drop for another 6 days to reach a bottom for a rebound. Whether the low point on the left can withstand this drop in Bitcoin remains unknown, but hopefully, Bitcoin won't replicate that left-side trend.
🌇
Bitcoin needs to break through 104740 with volume to chase long positions on the right side. If it drops below 104430 with volume and fails to recover, it will be necessary to chase short positions on the right side; pay attention to changes in volume.
On the hourly level, Bitcoin needs to break through and stabilize above 104905 to continue looking upwards towards 105782-106828. Currently, Bitcoin is only experiencing a halt in decline on the hourly level and has not reversed; it only signifies a reversal if it stands back above 106828.
On the 4-hour level, 103836 has been broken down, looking down towards 102964-101531. If it cannot hold 102964, Bitcoin is likely to test the previous low area for support before rebounding.
Continuing to look at the chart: Bitcoin's hourly level is currently just a natural rebound within a downtrend and will likely see a second test.
If the second test does not break the previous low, Bitcoin will undergo a corrective consolidation in the downtrend, choosing a direction: up or down. At that time, everyone can act accordingly, and remember to set stop losses. Meeting adjourned.
