$BTC Evening Opinion:
Talking about the chart: The Bitcoin hourly level triangle has been broken, the box has been broken and has pulled back to the upper boundary of the box, which is currently an effective support. Why do I say the upper boundary of the box is currently an effective support? Because the hourly K-line has not yet completed and has not closed, so we can only temporarily see that the upper boundary of the box is an effective support.
Can we go long now? Of course, because the box has been broken, and the triangle convergence pattern has also been broken. Going long now belongs to the right-side chasing long, and the certainty will be higher. If it falls back into the box or back into the triangle, just stop loss.
Then we can look at the two positions indicated by the white arrows, the first take profit position and the second take profit position. Is this difficult?
In trading, no one can guarantee that every trade will make a profit; it's all 50% for each side. If someone tells you they can guarantee profits from trades, they are either trying to rip you off or studying how to rip you off. I can only say that those who understand trading will have a higher success rate than those who don’t understand trading, that’s all. Everything else is the same, nothing special.
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Bitcoin breaks 118365 with volume for a right-side chase long, 117979 breaks down with volume and cannot recover for a right-side chase short. Be sure to set stop losses.
Bitcoin hourly level breaks and stabilizes at 118525 looking up to 119109-120138; if it stabilizes at 119109, 120,000 will come again.
At the 4-hour level, it breaks down at 117817 looking down to 117142-116382; as long as Bitcoin does not create a new low, there should be no major issues.
Continue to look at the chart: If Bitcoin's hourly level wants to form a slanted W bottom, it must break the neck line drawn in the chart at 119190. Only by breaking 119190 can the W bottom at the hourly level of Bitcoin be established; otherwise, it is of no use. Pay attention to observe the changes in volume. Meeting adjourned.
