$ETH Evening Thoughts:
Looking at the chart: The triangular convergence pattern drawn on the 4-hour chart of Bitcoin has been broken. It is now trying to reclaim the inside of the triangular convergence pattern. If the closing price of the Bitcoin entity can close within the triangle at 8 o'clock on the 4-hour chart, it indicates that Bitcoin has stopped falling at the 4-hour level.
It will continue to oscillate within the triangular convergence pattern until it reaches the end of the triangular convergence pattern, at which point it will choose a direction again. If the closing price cannot reclaim, it will continue to fall.
Currently, the 50-day EMA of Bitcoin at the 4-hour level has been broken, and from the perspective of moving averages, the most effective support for Bitcoin below is around the 200-day EMA at 3871. This is not to scare you; it is true that if Bitcoin wants to continue to drop, a drop of 300 dollars is just a moment.
Now the 50-day EMA is also the resistance level for Bitcoin; if it cannot rise above this level, Bitcoin cannot continue to go up. The moving averages will change over time; open the chart and set it up.
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Bitcoin with volume breaks 4307, chase long on the right side, 4278 with volume breaks, chase short on the right side, pay attention to observe the change in volume, and set proper stop losses.
Bitcoin at the hourly level stands firm at 4315, looking up to 4349-4396; if it cannot stabilize at 4315, it is of no use.
At the 4-hour level, if it breaks 4230, look down to 4173-4077; if 4230 breaks, it's over, and if you don't trap those who chased highs and cut losses, it won't rise.
Continuing to look at the chart: Bitcoin at the daily level has not been able to stand above the upper boundary of the expanding big horn after a night of effort. Since it cannot stand above, let's step on the support of 4165 below!
This position will see a certain rebound. If you are trapped in Bitcoin at a low position, you might as well reduce your position during this pullback, add back when it goes up to avoid being unable to hold and cutting losses. Wait for the US stock market to open tonight! Let’s see whether it continues to fall or gives a rebound. Meeting adjourned.