$BTC Evening View:
Talking with Charts: Why did the pancake only spike up to the resistance level at 112174 this morning? Because this is the resistance level at the upper boundary of the triangle, and it will always be resistance if it cannot be surpassed.
After encountering resistance, it retreated and tested the lower boundary of the triangle, receiving support and bouncing back up. If the bounce can break through the triangle, we can look up to the positions indicated by the left-side white arrows, which are High 1, High 2, and High 3.
In case the triangle is broken down, the position circled in the lower white box, 109397, absolutely must not be broken, as once it falls below 109397, the trend of the recent low point rising and rebounding at the hourly level will end. Looking at the left-side yellow box, this large bullish candle indicates a vacuum area with not much chip accumulation. As long as the pancake can maintain above 112174, the speed of the rise will be faster than the speed of the fall.
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The pancake with volume breaks through 111094, buy on the right side. If it breaks down with volume at 110360 and cannot recover, sell on the right side while keeping a good stop loss.
The pancake at the hourly level breaks and stabilizes above 111676, looking up to 112174-113561; if it cannot go above 112174, the rise will not happen.
At the 4-hour level, breaking down from 110547 looks down to 109320-108615; as long as it does not break below 109320, everything is still under control.
Continuing to look at the chart: The pancake's current correction hits the Fibonacci 1:1 retracement target position, stopping the decline. As for the 1.618 position, I believe the probability of reaching it is low.
Because without negative news support, it is difficult to break below 108539, not to mention the 1.618 position. 108539 may be the recent bottom, at most testing downward a few times to wash out the weak chips before making a move up. Everyone, please remember one thing: once a trend is established, it is hard to change. Pay attention to changes in volume, meeting adjourned.