$BTC Evening View:
Talking through the chart: The recent drop in Bitcoin at the hourly level just hit the lower boundary of the expanding megaphone pattern, which is now supported and starting to rebound. The current price has already broken through the neck line at 104229 and has returned to operate within the range. The resistance Bitcoin needs to face now is the central axis line of the range at 105382. If it can break through the central axis line of the range at 105382, we can look towards the upper boundary of the range at 106528. If it holds above 106528, we will look towards the high point of yesterday's spike near 107333. If it breaks through 107333, it will no longer be a rebound but a reversal, and we can continue to expect the level above 108392.
The market moves while observing; only by breaking through a resistance can we look at the next resistance level. If the resistance has not been broken, how can you look higher?
In fact, this drop did not create a lower low; rather, the lows are gradually rising. Only by breaking below 99200-98888 can a lower low occur, which would completely destroy the current trend.
Moreover, this drop has not even touched the support at 101471 below, so what are you afraid of?
When trading, you must be able to judge for yourself. Any thoughts given to you can only serve as reference. Firmly recognize a direction and act on it, leaving aside all noise. I am bullish, so I look for bullish opportunities.
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Bitcoin volume breaks 104856, chasing long on the right side; 104387 volume breaks and fails to reclaim, chasing short on the right side, manage your stop loss well.
Bitcoin at the hourly level breaks and holds above 105444, looking up at 106556-107333; breaking 105444 will take off.
At the 4-hour level, breaking below 103692 looks down at 102523-101460; if it tests and does not break below 102523, it will not continue to fall.
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Continuing to look at the chart: I reiterate once again: The position at 107343 at the daily level is very crucial. As long as it operates above 107343, the daily level will reverse. Don't think that because it has risen a lot, you should short.
Look at the yellow arrow; because it broke through 107343, we later saw a historical high. Look at the white arrow; because it broke below 107343, we saw the pullback to 98888. Do you think the position of 107343 is important?
If this rebound cannot break through 107343, Bitcoin will still pull back to 102480 because it is currently only a natural rebound from yesterday's spike high. If the rebound cannot create a higher high, a second pullback is inevitable. If the second pullback does not break below 102480, it will continue to move upwards.
Only by creating a higher high will there not be a second pullback to 102480. Meeting adjourned.
