$BTC Evening Viewpoint:
The major Bitcoin has reached a superb level of skill, just a tiny bit away from reaching its peak. It’s possible that Trump and Old Ma have already closed their short positions and opened long positions instead.
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Let’s talk through the chart: The trend line depicted in the image has been successfully broken. If it can pull back and confirm support on this trend line, the upward effect will be even better. Students, please remember that a resistance level being broken must be accompanied by a pullback; the pullback support is for better upward movement. Direct 90-degree upward movements belong to extreme market conditions, which should be avoided.
As long as Bitcoin pulls back without breaking this trend line, it will continue to rise around this trend line. If it pulls back and breaks this trend line, it will turn into a resistance level. This one line is enough for students to play with for a few days, so you see if drawing lines is useful.
If a resistance level is broken and then immediately falls back, that is a market that plays with people; let’s hope Bitcoin does not do this.
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Bitcoin has broken through 107692 with volume; those who dare can chase long positions on the right side, while the timid can watch. If it breaks down to 107344 with volume and cannot reclaim, then short positions should be pursued on the right side.
On the hourly level, Bitcoin has broken and stabilized at 108139, looking upwards towards 109044. As long as it stabilizes at 108139, 109044 is on the way.
On the 4-hour level, breaking below 107114 looks down towards 106335-105023; as long as it doesn’t break below 106335, it won’t be a big problem.
Continuing to look at the chart: Bitcoin on the hourly level has already broken and stabilized at the Fibonacci 61.8 position of 107355; the next target position is the 1:1 rise target of 108825, with the ultimate target of 111202. Let’s see if it can touch 110,000 this time.
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Students who have long positions, don’t just open a long position and expect to reach 130,000 or 150,000. When it hits the resistance level, you should reduce your position. Even if the resistance level is broken and stabilized, it is better to add back than to let profits evaporate during a pullback at the resistance level! Bitcoin's rise is not about guessing the top to short but about pulling back to go long; guessing the top is no different from flipping a coin.
Many times, when Bitcoin hits a key resistance level, there will be a pullback, but can you really grasp this pullback? If not grasped well, you will be directly stopped out. Try to focus on right-side trades and touch left-side trades less, pay attention to changes in volume, keep a good stop loss, and disperse the meeting.