$BTC Evening View:
Why is Bitcoin starting to jump around before the U.S. stock market opens? One must learn to control oneself; if you can control your hands, you've succeeded halfway.
Don't bet on direction until it becomes clear. If you can bet correctly, you're free; if you guess randomly, you can only serve as liquidity.
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Speaking of the chart: All students should remember this pattern at the daily level for Bitcoin. It’s best if you draw it yourself on the chart. This is a bearish flag pattern and is a bearish flag pattern at the daily level.
Once the lower boundary of the flag indicated by the white arrow is broken, Bitcoin will start to undergo a daily level correction. The bullish candle circled in white will be engulfed. Don’t think that the daily level is far from us; just consider whether Bitcoin wants to correct. If it wants to correct, it can turn around and be right there.
To break the deadlock, only by breaking the upper boundary of the bearish flag pattern and making a new high can the risks of the bearish flag be lifted. Otherwise, Bitcoin will continue to oscillate around the upper and lower boundaries of the daily level bearish flag until it breaks out or breaks down, before it can truly find direction.
Currently, without favorable news, it is difficult for Bitcoin to reach new highs again. A correction is Bitcoin's only way out; be sure to pay attention to this bearish flag pattern.
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Bitcoin should break through 118674 with volume on the right side to chase long positions for a rebound. If it breaks down 117976 with volume and cannot recover, watch for short positions on the right side. Pay attention to volume changes and set stop losses; chasing long is not a market reversal.
At the hourly level, Bitcoin breaking through and stabilizing above 118906 looks up to 119638-120601; if it can’t break through, it will stay around these positions.
At the 4-hour level, if it breaks down 117524, it looks down to 116515-115803. Breaking below 117524 will test this morning's low again.
Continue to look at the chart: In the 2-hour level chart for Bitcoin, the box drawn has broken down and recovered, which is a false breakdown. I must say the support indicated by the yellow arrow is quite strong; it surprisingly didn’t break despite so many needles pointing down.
For Bitcoin to rise, it must break through the midline of the box at 118830 to continue looking upwards toward the upper boundary of the box and the high points indicated by the left yellow arrows, High Point One and High Point Two. If it can't break through the midline of the box, it will continue to oscillate and consolidate within the box. Don't be fooled by Bitcoin's current exuberance; it hasn’t even broken through the resistance above and must correct before moving forward. Meeting adjourned.
