$BTC Evening Insights:
Tonight, the US stock market is closed, and Bitcoin can once again play freely. It can rise or fall at will; currently, it seems Bitcoin is hinting at a pullback, so let’s have a pullback!
After all, all positive news has already been factored in, and without new narratives to speculate on, a retraction is the only option.
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Speaking through the chart: the hour-level M formation for Bitcoin has formed and is currently in a semi-finished state. As it has not yet broken below the neck line marked on the chart, it remains in this semi-finished state. For the M formation to drop deeper, it must break below the neck line marked on the chart; only then can it go further.
Bitcoin should break through 108960 with volume to chase long positions on the right side if it rebounds, while a break below 108514 with volume and a failed recovery means chasing short positions on the right side; be sure to set stop losses.
If Bitcoin breaks through and stabilizes above 109210 at the hour level, we can look up to 109977-110381. If it cannot break 110381, it will be difficult for Bitcoin to continue rising; only by breaking 110381 can it reach the previous high.
At the 4-hour level, if 108471 breaks and cannot recover in time, we will see a pullback, targeting the lower positions at 107776-107122-106346.
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Continuing with the chart: Bitcoin has risen by 10,000 dollars since its lowest point of 98000 on June 23, and there hasn’t been a decent pullback yet. If Bitcoin can retrace to the 38.2 and 50 levels of the Fibonacci at the hour level and consolidate in a double bottom before continuing to rise, the effect would be better. Currently, Bitcoin seems a bit unstable, like a lone tree trying to stand on one leg. With the US stock market closed, there may be no fluctuations; if there are fluctuations, they will be significant. Everyone should remain vigilant and pay attention to changes in trading volume. Meeting adjourned.