$BTC Evening Viewpoint:
Talking through the chart: The Bitcoin hourly level bearish flag pattern has been broken, and it attempted to pull back upwards to re-enter the flag pattern but failed. Now the lower boundary of the flag pattern is the resistance level for Bitcoin. Before it re-enters the flag pattern, I won't look for long positions, only downwards corrections. If the downward yellow arrow pointing to 118073 is broken, a lower low will occur on the Bitcoin hourly level, then we will continue to look down towards the two positions indicated by the right-side yellow arrow.
It depends on where Bitcoin can stop falling at the two positions of 117102 and 116029. After the decline, it will consolidate in the middle and choose a direction. If neither of these positions can stop the decline, we will continue to look down towards 114055. Only if it can re-enter the flag pattern will this wave of decline be considered over.
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Bitcoin will break through 118791 with volume; chase long positions on the right side. 118469 breaks down with volume, and if it fails to recover, chase short positions on the right side. Make sure to set stop losses.
If Bitcoin holds above 119091 at the hourly level, look upwards to 119903-120325. Breaking below 120,000 is easy to think about going up, but not so easy to achieve.
At the 4-hour level, if 118106 breaks down, look down to 117051-116047. Breaking below 118106, 116047 will basically follow.
Continuing to look at the chart: The daily level for Bitcoin shows that the double needle top pattern must take place. Looking at the daily level, this needle with a long upper shadow looks really bad, and it hasn't broken the previous high yet.
Now Bitcoin has dropped back into the range of 120020-115679 and continues to oscillate. 120,000 is now the resistance for Bitcoin. If it replicates the movement outlined in the yellow box, Bitcoin may make a false breakthrough at 120,000, drop back, and then initiate a daily level correction, eventually breaking through the range and targeting 111820 for a rebound. This is the script being replicated; the script is written, so we patiently wait for the plot to develop and pay attention to changes in volume. Meeting adjourned.