$BTC Evening Insights:
Bitcoin is still very strong, almost recovering the losses from the past few days. Which cryptocurrency can achieve this? Even Ethereum can't, let alone altcoins.
When trading contracts, focusing on Bitcoin is better than anything else; why bother with altcoins? When others say this altcoin can rise tenfold and that altcoin can rise a hundredfold, they are them, and you are you.
Near the 108000 level, there is almost 400 million of short liquidity; if the meat is right in front of you and you don't eat it, then you should think it over. The 108000 position is also the take-profit level for short-term long positions. It is recommended that those holding long positions significantly reduce their positions or take profit at the 108000 level.
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Let's talk with charts: On the hourly level, Bitcoin is forming a flag channel, and the opening of this flag channel is upward, indicating a bearish flag pattern.
Students, please pay close attention to whether the upper boundary of this flag can break upward. If it breaks upward, the short-term bearish flag crisis will be temporarily resolved. If it continues to operate within the flag channel and breaks below the lower boundary of the flag, Bitcoin will have to make a correction; draw it out yourself.
Bitcoin's volume breakout above 106702 is a signal to chase long positions on the right side; if it breaks down at 106450 with volume and fails to recover, it's time to chase short positions on the right side, so manage your stop-loss well.
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If Bitcoin breaks and stabilizes above 106550 on the hourly level, it will continue to rise, looking up to 108021-108447. It's still the same old saying: as long as Bitcoin stabilizes above 106550, it must take off, and that's what I say; no one can change that.
On the 4-hour level, if 106115 is broken and the closing price remains below 106115, Bitcoin will have to retest 105480-104580. As long as it does not break below 105480 and consolidates a bit, it will still move upward.
Continuing to look at the chart: Bitcoin has had 7 consecutive small bullish candlesticks on the 4-hour level, but has not yet experienced a volume surge. However, there are slight signs of a top divergence in the 4-hour chart, meaning that while the price is rising, the volume is not keeping up. This indicates a potential correction; the best way to break the divergence is to have a strong surge with increased volume.
Both yesterday and today’s surges happened in the morning, which means Asian investors are pushing the market. Meanwhile, US investors are still observing, waiting to see if they will join the Asian investors tonight. US investors tend to push stronger than Asian investors, so pay close attention to the changes in volume. Meeting adjourned.