$BTC Evening Viewpoint:
Bitcoin 120,000 still couldn't hold steady; despite all the positive news, Bitcoin surprisingly can't stabilize at 120,000, which raises suspicions that someone might be taking advantage of the good news to offload.
I originally thought Bitcoin would leverage the positive news to test the previous high of 123,000 again, but I was ultimately mistaken.
Since Bitcoin is not willing to challenge the previous high, let's have a thorough pullback!
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As seen in the chart: Bitcoin's hourly level has three bearish candles directly breaking through the lower boundary of the flag pattern. The lower boundary indicated by the white arrow is currently the resistance; before reclaiming the flag's internal movement, going long can only benefit from a rebound.
Bitcoin may move like this next: a rebound upwards that fails to break today's high will continue to decline, and after making lower lows, it may choose to consolidate in a range before a deeper drop, concluding the washout and then choosing to move upwards. I wonder if it will develop according to my script.
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Bitcoin breaks above 118,896 with volume and continues to go long to catch the rebound; if it breaks below 118,477 with volume and fails to reclaim, then go short on the right side, and manage your stop loss well.
If Bitcoin breaks and holds above 119,551 on the hourly level, look upwards at 120,639-121,160; if it can't hold above 119,551, don't look upwards.
On the 4-hour level, if the closing price is below 118,349, look down at 117,397-116,445. If it breaks below 117,397, Bitcoin will enter a pullback.
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Continuing to look at the chart: Bitcoin's 4-hour Fibonacci 1:1 pullback target is 113,345; a deeper pullback to the 1.681 level is 108,635, and returning to the 1.618 level would be the best case.
Look at the line indicated by the white arrow; the 1.618 position is exactly the starting point of this wave. If it can retest this, it will greatly help future upward movement. Looking at the upper yellow arrow, Bitcoin has just resolved last night's three spikes, and now there are three more spikes; it seems like we have to follow the three-spike top-testing trend.
If Bitcoin shows a rebound next, if it cannot break through these three spikes, it will come down as it went up. The current market isn't suitable for excessive bullishness; pay attention to the changes in volume. Meeting adjourned.