$ETH Evening Thoughts:
Looking at the chart: What kind of divine trend is this for Bitcoin? After drawing the large door, we drew the small door, and after finishing the small door, we formed a cup and handle pattern. Now the cup and handle pattern has been broken. If Bitcoin cannot return to operate within the cup and handle pattern, the Fibonacci retracement target at 61.8 - 4304 will definitely be reached. As for whether the 1:1 retracement target and the 1.618 position can be reached, we will have to see as we go. Because I can't see too far ahead, I'm not a predictor; I can only see what is happening right now. I don't know what will happen tomorrow or the day after!
🐝
Bitcoin's volume broke through 4414 on the right side, chasing long positions to take the rebound is not a reversal. If it breaks down with volume at 4388, chase short positions on the right side; pay attention to changes in volume.
On the hourly level, Bitcoin is stabilizing at 4437, looking upward to 4485-4516. If it breaks through 4516, we will gradually look further up.
On the 4-hour level, if the integer level of 4400 is broken and cannot recover, we will have to go down, looking down to 4334-4268.
Continuing to look at the chart: Bitcoin has fallen back into the expanding megaphone pattern on the daily level. This is not a good start. The position marked by the yellow arrow on the right at 4165, if it cannot hold, there is indeed a possibility of a sharp drop to around 3800. If negative news comes in, it could push down to the boundary of the expanding megaphone.
Why do so many people have this idea that Bitcoin is only allowed to rise and not allowed to fall? Bitcoin can rise from 2100 to 4800, so why can't it fall from 4800 to 3000?
Is there any problem with that? It seems there is no problem! It's like why do you only allow yourself to cheat but not allow your partner to cheat? Can someone explain that to me? Because this is all your subjective thinking, so whether in life or work, don't be too subjective; look at issues more objectively. Let's wrap up! Can't say too much to you; if I say too much, you might learn bad habits, so manage your stop losses well. Meeting adjourned.