$BTC Evening Perspective:
Yesterday's rise of Bitcoin really just cleaned up the short liquidity above 108500. After cleaning up, there was no momentum to continue rising, so it came down. There is still a lot of short liquidity around 110,000, and since Bitcoin is weak, it can't be cleaned up for a while.
I don't know if anyone saw Bitcoin break through the resistance of 106800 yesterday and chased the long position. If you chased the long and didn't exit expecting Bitcoin to touch 110,000, then you're stuck now, or even hit your stop loss. There's a saying: either you're stuck or you're on the way to getting unstuck. So why not think about what caused this? Is it the market that caused you to get stuck, or did you cause yourself to get stuck? Don't look for reasons for failure, only look for methods for success; the rest you'll understand on your own!
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Talking through the chart: After the double pin top pattern at the hourly level, Bitcoin looks bearish. A natural rebound appeared at the hourly level again, currently undergoing a second test, but the natural rebound hasn't created a new high.
It can be said that this natural rebound did not reverse the downward trend. If the second test breaks below the lowest price indicated by the yellow arrow, Bitcoin will move back into the box indicated by the left yellow arrow. Where it came from, it will return there.
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Bitcoin broke through 106604 with volume, chasing long for a rebound. 106312 broke down with volume and couldn't reclaim, so chase short on the right side; manage your stop loss well.
At the hourly level, Bitcoin's breakthrough at 106516 is stable, looking up towards 107306-108007. If it can't rise, Bitcoin is basically doomed.
The 4-hour closing price is below 106044, indicating that Bitcoin has begun to weaken. Look at the target position below: 104951-103736. If it breaks below 106044, this wave of rising has ended.
Continuing to look at the chart: Bitcoin is forming a wedge structure at the hourly level. If it breaks below the lower boundary of the wedge and can't reclaim, a bottomless abyss awaits you below. Only by breaking through the upper boundary of the wedge can the current situation be changed. I hope all students do not open positions against the market, but follow the trend, paying attention to changes in volume. Meeting adjourned.
