$BTC Evening Viewpoint:
A position that tests upward multiple times without breaking and stabilizing becomes a resistance level. Just like now, the large cake has attempted to break through the position of 106000 twice upwards without success,
that position becomes a resistance level. If it attempts to break through 106000 again and still cannot stabilize, then the large cake can only move down to retrace to more effective support to activate buying.
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Speaking with pictures: The large cake on the hourly level is about to form a double peak and M-top pattern. The position pointed by the yellow arrow is currently the resistance of the large cake; if it cannot break through, it will continue to suppress the large cake.
If the large cake on the hourly level is to form an M-top, it must break below the position indicated by the white arrow in the image; if it does not break this position, the M-top on the hourly level cannot be established.
If it cannot break above 106086 and does not break below 104197, it will continue to move in a fluctuating mode within this range until it either breaks through or falls below to determine the direction.
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If the large cake breaks through 105156 with volume, then chase long positions on the right; if it breaks below 104753 with volume and cannot recover, chase short positions on the right.
The large cake must break through 105243 on the hourly level to look upwards at 105917-106558; if it cannot go above 105243, there’s no need to look upwards.
On the 4-hour level, if it breaks below 104315 and cannot quickly recover, watch the target positions below: 103627-102621-101509; if 103627 cannot hold, pay attention to the two positions below!
Continuing to look at the chart: On the 4-hour level, the large cake has consecutively formed two high position doji stars, and these two doji stars are positioned right at the resistance level of the large cake—isn’t that a coincidence?
Just think about how big the selling pressure must be at this doji star position! The position indicated by the white arrow below is a bullish engulfing pattern; if a reverse engulfing pattern occurs in the coming time, it will be invalidated, and then it can only continue to decline.
Today is Father's Day 🎉 Happy holiday to all the classmates who have become fathers! For those who haven't become fathers yet, go home and 🎉 wish your own father a happy holiday. Pay attention to the changes in volume, set proper stop-losses, and disperse the meeting.