$BTC Evening View:
Talking with pictures: Isn't it surprising that you've been in the crypto space for so long and still haven't gotten used to it? Don't let the environment adapt to you; you need to learn to adapt to the environment. In fact, in the crypto world, you and I are like lambs waiting to be slaughtered on the chopping board, just depends on who wants to slaughter first, I digress 😊.
The visible resistance level on the hourly chart for Bitcoin is 88386. Only by breaking through 88386 can the upward trend continue, aiming for 89503 and higher positions.
87773 is the neck line of this upward movement; I hope it doesn't break and can maintain above 88000. If it breaks below the neck line at 87773, it will go back to test the support at 86913. If 86913 cannot hold, we will continue to look downward; breaking below 86913 would damage the current bullish trend. If it cannot rise above 88386 and does not break below 87773, it will oscillate between the range of 88386-87773. If it cannot break through 88836 and breaks below the neck line at 87773, it will oscillate in the box between 88386-86913. Just remember, sooner or later, a direction will emerge; if you can't resist, then just cooperate well, and that's it.
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Bitcoin will break through 88380 with volume, place long positions on the right side; if it breaks down with volume at 87525 and cannot recover, place short positions on the right side, remember to set stop-losses.
If Bitcoin breaks above 88386 and stabilizes, we look upward to 89503-90623; stabilizing at 88386 means it will take off.
On the 4-hour chart, if it breaks below 87456, we look downward to 86852-86147; if it cannot recover after breaking below 87456, we will enter a correction.
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Continue to examine the chart:
Bitcoin on the 4-hour chart has now stabilized above the ema20 daily moving average, while the ema50 daily moving average is shaky and not very stable. If the ema50 daily moving average can stabilize, we can expect Bitcoin to challenge the ema200 daily moving average; this is from the perspective of moving averages.
However, there is a potential risk point marked in the yellow box, indicated by the white arrow, which points to this large bearish candlestick. Bitcoin on the 4-hour chart has already formed 10 candlesticks but still hasn't breached the highest price of this large bearish candlestick, continuing to move around it in a consolidation pattern. If you look closely, none of the last 7 candlesticks have their closing prices above the highest price of this bearish candlestick, right? Until a 4-hour candlestick closes above this bearish candlestick, the risk of a downward movement on the 4-hour chart remains and is not completely resolved.
All students should pay attention; unless there is a 4-hour candlestick closing price above this bearish candlestick, the risk of a downward movement on the 4-hour chart will only be eliminated then. Pay attention to the changes in trading volume, and that's it.
