$BTC Evening Viewpoint:
Look at the chart and talk: The large pie at the 4-hour level looks set to form a head and shoulders bottom pattern. If it is to form a head and shoulders bottom, the primary task of the large pie is to break through the resistance level of 117300; only then can the head and shoulders bottom pattern be established. Without breaking through 117300, no pattern can be established.
A pullback absolutely must not fall below 112132; falling below would invalidate the head and shoulders bottom pattern. Only by maintaining within the range of 117300-112132 and oscillating can there be hope of forming a 4-hour level head and shoulders bottom pattern.
The highest position of the right shoulder in the head and shoulders bottom can only be seen at 120817; only by stabilizing above 120817 can we look towards the head, which is near the previous high.
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The large pie should break through 115844 with volume and then chase long on the right side. If it falls below 115595 with volume and fails to recover, then chase short on the right side, keeping a good stop loss.
At the hourly level, breaking and stabilizing above 116070 looks upward to 117378-118557; breaking through 117378 will continue the upward trend.
At the 4-hour level, breaking below 115510 looks downward to 114780-113579; as long as it does not fall below 113579, there will not be a new low.
Continuing to look at the chart: The pattern drawn in the large pie’s hourly chart is a bullish flag, but now the high of the large pie is decreasing. If it cannot break through the flag to make a higher high, and instead breaks down the flag to create a lower low, the large pie will need to undergo a pullback at the hourly level.
114767 and 113547 are coming; as long as it does not break below the large bullish candle indicated by the white arrow below, everything remains within a controllable range. If it breaks below, no one can control it.
This market driven by news will see a pullback not as an accident but as a necessity if there are no new positive news to support it. Only by pulling back to 114767 and 113547 can there be a better rise. The range of 114767-113547 is also worth considering for accumulating long positions on the left side, keep an eye on the changes in volume, and observe closely. Meeting adjourned.
