$BTC Evening Viewpoint:
Are all the students looking forward to Bitcoin breaking the previous high and creating a new high? After all, it’s only 2000 dollars away from the previous high.
However, I hope everyone can think in the opposite direction because the crypto world goes against human nature.
When everyone thinks that Bitcoin will reach the previous high and create a new high, you need to be cautious. Is there a possibility that Bitcoin will not reach the previous high? What if it just consolidates and then goes down? This is just my subjective opinion.
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Speaking with the chart: All the high points and low points of Bitcoin on the hourly level are rising, but just now this one-hour level big bearish candle is a bit scary! This is a volume drop, not a slow decline; it’s a real drop with volume and price.
If the position indicated by the white arrow in the chart is broken, then it will go down, and we will need to consolidate in the lower range.
Bitcoin can only be shorted if it breaks 106120 on the right side after a rebound, so set a good stop loss.
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If Bitcoin can break and hold above 106640 on the hourly level, we can continue to look up at 107245-107716; if it can't hold above, it’s useless.
If the 4-hour level of 105844 is broken, it will need to retest 105021-104089; a proper retest helps in better upward movement.
Continuing with the chart: In the 2-hour level, the position marked by the white box, do all of you recognize this candlestick pattern?
Is it a bearish engulfing pattern? What does the bearish engulfing pattern mean? It indicates that the current market is at least bearish on the 2-hour level.
When can we break this large bearish candlestick? Only then will the 2-hour level see a reversal, am I explaining this correctly? So, don’t just look at 120,000 when it rises and 10,000 when it falls; follow the market, and that’s all for now.
