$BTC Evening View:
Let's talk about the chart: Has Bitcoin stopped falling? Currently, it has not stopped falling. It will only be considered a stop when it can make a downward spike like it did in the early morning, without breaking the low of that spike. If new lows appear, it will need to continue testing downwards, or rebound to create higher points without falling to lower lows to be considered a stop.
Bitcoin's hourly chart flag pattern has been broken, and it has fallen below the support of 112132. A rebound that cannot recover above 112132 will need to test the low of 110346 again. Ideally, it should make a downward spike that fakes a break below 110346 and quickly recover, forming a double spike bottom pattern on the hourly chart, leading to a consolidation after a decline before moving upward. Otherwise, Bitcoin won't bounce much further with just one leg. The script is already written; it just depends on how the plot develops.
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If Bitcoin breaks above 111569 with volume, it’s a signal to go long on the rebound. If it falls below 111243 with volume and cannot recover, it’s a signal to go short. Always set your stop loss.
Bitcoin needs to stabilize above 112093 on the hourly chart to look up towards 113529-114039; it must break above 112093 to go up.
On the 4-hour chart, if it breaks below 111596 and cannot recover, look down towards 110775-109683. If it breaks below 110000 and cannot recover in time, it will be in trouble.
Continuing to look at the chart: The yellow arrow on the Bitcoin daily chart points to this bullish candle. If tomorrow morning at 8 AM, the closing price of Bitcoin is below this bullish candle, it will form a bearish engulfing pattern. Then, watch the two positions pointed out by the right yellow arrow; this is still conservative.
If it breaks below the bullish candle pointed by the yellow arrow, a normal correction on the Bitcoin daily chart will begin. For those who wanted to buy Bitcoin when the price was high, this time you can buy a little bit; the opportunity is there, so seize it well. Don't think Bitcoin can go to 70,000 or even 80,000. If it really could, you still have to be cautious. When buying spot, be prepared for a long battle; if you don't plan to hold for long, don't buy, as it will only make you uncomfortable if it doesn't rise. Pay attention to changes in volume. Meeting adjourned.
