$BTC Evening Insight:
The position of 108000 for Bitcoin is quite difficult to surpass! It has tried to push up several times but couldn't stabilize. No need to rush; take it slow, there is still plenty of time. After consolidating for a while, if the bears quickly open a short position, how can Bitcoin push up if the bears don’t open shorts?
Just now, this downward spike may give the bears some hope, making you feel that Bitcoin cannot go up and is about to start falling. The bears will frantically add positions, and when the US stock market opens at night, it will be the moment of despair for the bears. The script is already written; just follow it.
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Speaking with charts: Take a look at the high-level daily chart. For Bitcoin to form a W-bottom, it must break through the neck line marked in the chart at 110716. Only by breaking through and stabilizing at 110716 can the W-bottom on the daily chart for Bitcoin be established.
If the W-bottom on the daily chart for Bitcoin is established, there is a high probability it will test the previous high, or even create a new high.
If it breaks through the neck line at 110716, the bearish liquidity above will be completely cleared. Currently, nearly 700 million in bearish liquidity has accumulated around 110000 above Bitcoin. If 110761 is broken through, it will be difficult for retail investors to avoid the FOMO sentiment and not create a new high.
Moreover, Bitcoin has now stabilized above the EMA 20-day moving average on the daily chart; as long as it doesn't fall below the EMA 20-day moving average on a pullback, there won't be any issues.
The MACD fast and slow lines on the daily chart are trying to break through the zero axis. Once the fast and slow lines stand back above the zero axis, the bears will have no say, and this is the direction for Bitcoin on a larger scale.
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Bitcoin should pursue longs after a volume breakout at 107736, and if it breaks down to 107318 with volume and fails to recover on the rebound, pursue shorts to take advantage of the pullback, and set good stop losses.
Bitcoin has stabilized at 108125 on the hourly chart and continues to look up to 109005-109961; be patient and wait!
On the 4-hour chart, if it breaks below 107040, look down to 106264-105242. As long as the closing price on the 4-hour chart does not settle below 106264, the upward momentum for Bitcoin still exists.
Continuing to observe the chart: the lower boundary of the flag pattern on the hourly chart has been broken. If it cannot return to operate within the flag channel in the upcoming time, Bitcoin may experience a pullback at the 1-hour level.
This is the direction for Bitcoin on a smaller scale; there’s no need to panic during a pullback after such significant gains; a retest is for better upward movement. Pay attention to changes in volume. Meeting adjourned.