$BTC Evening View:
Looking at the chart: The neck line at 117867 marked by the yellow box must be broken for the big cake to rise. The break above the yellow box to the position marked by the white box is also a resistance for the big cake at 119126.
Only by breaking through all the positions marked by the yellow and white boxes, and then closing the large bearish candlestick pointed by the left yellow arrow, can the big cake start rising again, transforming from weak to strong.
Currently, the big cake is facing challenges; if it cannot break through the neck line at 117867 marked by the yellow box, and does not drop below the low point at 116667 pointed by the yellow arrow, then the big cake will continue to oscillate in the range of 117867-116667. Especially since today is Saturday with basically no liquidity, it’s hard to find a direction.
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If the big cake breaks through 117850 with volume, go long on the right side; if it breaks below 117388 and cannot recover, go short on the right side, and set your stop loss wisely.
If the big cake firmly breaks and holds above 117867, look upwards to 119126; if it doesn’t surpass 117867, there’s no need to look upwards.
On the 4-hour level, if it breaks below 117106, look down to 116306-115168; breaking below 117106 will necessitate lower lows.
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Continuing to look at the chart: The 4-hour level of the big cake shows that these 4 candlesticks pointed by the white arrow have all formed upper shadows; is this premeditated? Or is it going to test the high with 4 spikes? The position at 118073 pointed by the right yellow arrow is the resistance for the big cake at the 4-hour level, and it seems that 118073 is a strong resistance; otherwise, there wouldn’t be 4 consecutive 4-hour candlesticks with upper shadows.
As long as the big cake does not break below this yellow bullish trend line in the chart, the bulls are still relatively safe; if it breaks, then the long positions opened above 120,000 should stop loss! Because breaking this yellow trend line will require lower lows to appear, conservatively speaking, the next lower low should be around 114000, can you hold on?
If you can hold on, then do so; if not, it’s time to surrender!
Moreover, the higher lows and lower highs of the big cake at the 4-hour level are decreasing, and there are no conditions to go long until a higher high appears. Students should not think that the big cake is consolidating and cannot drop further; they might be waiting for those who go long on the left side to get trapped by a large bearish candlestick, causing everyone to be stuck.
