$BTC Evening Opinion:
Yesterday, the big pancake experienced 13 consecutive bearish candles on the hourly chart, and Christmas isn't even here yet! How come the Christmas tree is already drawn? Are you all trying to find out what caused the big pancake to drop? Stop looking; there are no bearish news. It's still the geopolitical issues that are bouncing around. The market leads, and the news has a lagging effect.
If you rely on news to trade, you're hanging your orders faster than anyone else. Just analyze the market well; the news will only mislead you.
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Let’s talk with charts: The big pancake has been unable to break through the trend line drawn in the chart after an afternoon of consolidation and fluctuation, it has been firmly suppressed by this trend line, getting knocked down as soon as it goes up.
Moreover, there was a doji star formed at the top of the trend line, indicating that there is significant pressure at this level, and it won’t be easily broken through in one go; it will require multiple attempts before breaking above.
If after several tests it still cannot break through this trend line, the big pancake will move down to test last night’s previous low.
A breakout above 105132 with volume on the right side can only be a short-term long, while a drop below 104769 with volume that fails to recover cannot be a right-side short. Pay attention to the changes in trading volume and set your stop-loss properly.
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If the big pancake can hold above 105170 on the hourly level, look upwards to 105901-106515; if it cannot go above 105170, the upward trend cannot continue.
On the 4-hour level, a drop below 104343 looks towards the target positions below at 103311-102582; as long as it does not drop below 103311, there shouldn’t be major issues.
Continuing with the analysis: If the big pancake drops into the box drawn in the daily chart, it will go through a wide range fluctuation of 102589-96121. Currently, the big pancake is neither going up nor down, lacking a clear direction. It is not too late to enter when a clear direction emerges for the big pancake; do not rush into trades, as haste will only lead to mistakes. Meeting adjourned.
