$BTC Evening Viewpoint:
If the Bitcoin price does not break above 110362, the accumulation of Bitcoin shorts will not rise either; just watch if you don’t believe it. As long as it does not break below 108210 and does not break above 110362, it will continue to oscillate within this range until it breaks out of or falls below Bitcoin to determine the direction.
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Speaking with charts: The hourly level of Bitcoin needs to form a double top (M shape); first, it needs to break below the trendline indicated by the yellow arrow in the image. Once this trendline is broken, the M shape at the hourly level of Bitcoin will be established.
The position circled in the white box, 107211, is the first support where there will be some buffer. 106373 is the second support, and if it cannot hold, it will directly go towards around 105000 to seek more effective support.
This is tonight’s scenario: either it does not break below the trendline, or if it breaks below the trendline, it must follow the scenario I mentioned. Unless it can directly break above 110362, my scenario remains valid; otherwise, it is always effective.
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If Bitcoin breaks above 108906 with volume, you can chase long positions on the right side for a rebound. Only if it breaks above 110362 can long positions be established. If it breaks below 108710 with volume and cannot recover, watch out for short positions on the right side; pay attention to changes in volume.
At the hourly level, if Bitcoin breaks and holds above 109120, look upwards at 109727-110370; if it cannot go up, it is of no use.
At the 4-hour level, if it breaks below 108550, look down at 107566-106335. If it breaks below 106335, Bitcoin will start a 4-hour level correction.
Continuing to look at the chart: today Bitcoin is closing the weekly line; take a look at the weekly level. The weekly line has formed a high position Doji star. If next Monday’s closing does not break this high position Doji star, a correction is Bitcoin’s only way out. Classmates, do not think that Bitcoin is consolidating at a high level to gather strength for a breakout; it might be waiting for you to open long positions only to drop and trap you. Always be prepared for both scenarios; consider the worst outcome so that unexpected events do not catch you off guard. Manage your stop losses well, and disperse.