$BTC Evening Viewpoint:
Many students may have a question now❓ How high can Bitcoin rise, and can it continue to rise?
No one can give you a precise answer to this question. As I mentioned in the video I posted this afternoon: there is no resistance or reference points above Bitcoin; nobody knows how high it can really go.
If someone tells you that Bitcoin can rise to a position of xxxxx, that would be pure bragging. If they had the ability to predict the peak, they would have been free long ago. I actually have a question too❓ Why has Bitcoin risen so high? I haven't seen any positive news, but I have seen many uncertainties. Could it be that this surge in Bitcoin is being driven by sheer will? Currently, the short liquidity above Bitcoin has been completely cleared out, and if Bitcoin continues to rise, I truly don't know why.
Perhaps Bitcoin has come to an understanding, and the speculators have figured it out. Think about the fun in that statement: one has come to an understanding, and the other has figured it out.
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Speaking through the chart: There are no shorting conditions on the hourly level for Bitcoin until it falls back inside this wedge formation. Students must not attempt to guess the peak or short it. Although you can ride the left-side orders from start to finish, the corresponding risk is also significant unless you have no liquidation price. Only when it falls back inside the wedge formation are there conditions for shorting. The previous high is your stop-loss point; if you can break the lower boundary of the wedge formation, then your short position is secure.
If the lower boundary of the wedge formation is not broken, you should exit after taking a small profit from the short position; otherwise, a rebound will wipe out all profit.
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Bitcoin has broken through 122545 with volume; aggressive traders should chase long positions on the right side, while conservative traders can just observe. If it breaks 121880 with volume and cannot recover on the rebound, pay attention to changes in trading volume and ensure you have a stop-loss in place.
For the hourly level, having surpassed 122788, we continue to look upwards towards 123300-123672-124164; anything higher is currently out of sight.
On the 4-hour level, if it breaks 121776, we anticipate a small pullback down to 120532-119703; if it does not break 120532, it won’t drop too deep.
Continuing to look at the chart: the Fibonacci 1:1 upward target for Bitcoin has already been achieved, and the 1.618 target has also been reached.
Bitcoin has now risen beyond three boundaries, no longer in the invisible realm. According to Fibonacci, the only target position left above is 126238. Do not guess the peak or short it. Meeting adjourned.
