$BTC Evening View:
Speaking with the Chart: The wedge in the 4-hour chart of Bitcoin is a bullish wedge because the opening is downward. As for whether it can rise, that is uncertain; currently, Bitcoin seems a bit difficult to increase.
The rebound couldn't even break through the small resistance at 110441 pointed to by the yellow arrow, which shows how weak this rebound is. It's fine if it doesn't rise, but it shouldn't break below the wedge; maintaining a range within the wedge is acceptable. Once it breaks below the wedge, at least a drop of 3000 dollars is waiting for everyone.
To rise, it must break the wedge and stabilize above 112000 for Bitcoin to start rising; otherwise, it will be hard to increase. Hopefully, it won't break the downward spike on the 4-hour level. Since the new high, it has already dropped more than 14000 dollars, which is about enough; the bears have also eaten plenty, so don't overdo it to avoid bloating.
🌳
Bitcoin should break through 110405 with volume and chase long positions to catch the rebound. If 110060 breaks down with volume and cannot recover, then chase short positions; be sure to set stop-losses.
On the hourly level, if it breaks and stabilizes above 110482, look up to 111617-112127; if it cannot go above 110482, it is meaningless.
On the 4-hour level, if it breaks below 109735, look down to 108307-107138; if it breaks below 108307, it will be very difficult to return to 110000.
Continuing to look at the chart: The M-top on the daily level for Bitcoin has been established and has broken below the neck level at 112084. If the rebound cannot reclaim 112084 and breaks below this yellow bullish trend line in the chart, then look to the position indicated by the right yellow arrow at 105012. Pay attention to the changes in trading volume; meeting adjourned.