$BTC Evening View:
Now many students are looking at 140,000 for Bitcoin. What do you think? Blind guessing or calculations? Bitcoin hasn't even broken through 120,000 and you're already looking at 140,000? This belief in recharging is strong, and the price fluctuations all rely on imagination.
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Speaking with charts: The yellow trend line drawn in the hourly chart of Bitcoin has finally been broken, but I still feel something is off. Looking at the volume corresponding to the yellow arrow below, this belongs to an explosive volume, yet the price has just barely broken 118,544 and hasn't even touched 119,000. I feel this pump is more like a move to clear the upper short liquidity rather than a genuine upward intention. Normally, with such a large volume, it should at least touch 120,000. Currently, Bitcoin is blocked at 118,791. If it breaks through, we will look at the positions indicated by the left yellow arrows, High One, High Two, and High Three.
If it cannot break the resistance level of 118,791 and pulls back to break this yellow trend line, then what I mentioned earlier about this pump being for clearing the upper short liquidity will hold true, especially since today is the weekend and the authenticity of the market is questionable.
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Bitcoin should chase long positions on the right side after breaking 118,418 with volume, and if it breaks down to 117,771 with volume and fails to reclaim, then chase short positions on the right side, with proper stop losses.
Bitcoin, once it stabilizes above 118,450, can look upwards to 119,388-120,023; if it cannot stabilize above 118,450, it is of no use.
On the 4-hour level, if it breaks down below 117,444, look down to 116,423-115,642-114,321; breaking below 117,444 will indicate a pullback.
Continuing to look at the chart: According to Fibonacci, the target position for Bitcoin's rise is 120,490, but there is a prerequisite to break and stabilize above the Fibonacci 61.8 position at 118,625. If it cannot stabilize, Bitcoin cannot continue to rise. If it can reach 120,490, this is also where you should take profit on most of your long positions. Do not think that once you open a contract, you have to eat from the head of the fish to the tail; leave some base positions to gamble for the 1.618 position. If it can reach, that's an unexpected gain; if not, you still have quite a bit of profit.
If you want to eat from the head to the tail, the final result may be that you end up eating nothing. Pay attention to changes in volume. Meeting adjourned.