BTC Evening Market Analysis:
The recent trend of Bitcoin can be described as a "textbook of fluctuations". On Wednesday, the price only fluctuated by 300 points throughout the day, with activity even lower than on weekends (weekend trades often trigger fluctuations of 800-1000 dollars).
From a technical perspective, the hourly chart is forming an expanding wedge pattern, with prices repeatedly pulling back and forth around the upper and lower bounds of the pattern. As the pattern evolves, the amplitude of fluctuations in the latter half will gradually increase until a breakout or breakdown occurs, at which point the pattern will conclude.
Although the fluctuations are exhausting, the wedge pattern inherently offers volatility. One can execute a high sell-low buy strategy based on the upper and lower bound ranges (it is recommended to draw the pattern for assistance in judgment).
Key Levels and Strategies:
Breakout Buy: A volume breakout above 105,458 dollars, and after right-side confirmation, pursue a buy, targeting 106,091 dollars. If it stabilizes, look to probe 106,766-107,440 dollars;
Breakdown Sell: A breakdown below 105,274 dollars with a failed retest, follow a sell on the right side, targeting the 4-hour support level at 105,072 dollars. If it breaks down further, there could be a pullback to 104,040-103,250 dollars.
Currently, the hourly price is consolidating around the midline of the box, with significant buying pressure suppressing the downward movement, suggesting that bulls may be poised for an attack. It is crucial to strictly adhere to discipline in operations, always setting stop losses when opening positions to avoid profit loss from chaotic fluctuations before pattern breakouts.
