$BTC Evening View:
When the price of Bitcoin rose to 11, you thought it was too high and wanted to wait and see if it would pull back. Now that Bitcoin has pulled back, do you dare to buy? You still hesitate to buy, because you still think Bitcoin is expensive.
You want to wait and see if there are lower prices, and step by step, you walk toward missing out; in the end, when Bitcoin rises again, you regret it and slap your thigh. This is the mindset of retail investors who can only chase highs.
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Speaking with charts: The trend line drawn in the hourly chart of Bitcoin has been broken, and it is now attempting to rebound back above the trend line.
If it can recover above the trend line, Bitcoin may have a chance to move upward; if not, then continue looking downward! Once water is spilled, it is hard to retrieve, and there is no volume for an upward rebound.
When Bitcoin breaks above 107739 with volume, look to add long positions on the right side; if it breaks below 107435 with volume and fails to recover, then look to add short positions on the right side, and set your stop loss appropriately.
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If Bitcoin can stabilize above 108008 on the hourly level, look for target positions at 108812-109371 above; it can only move upward if it breaks through.
On the 4-hour level, breaking below 106778 looks downward toward 105866-104954. As long as the 4-hour closing price does not settle below 106778, Bitcoin still has a chance to push upward.
Continuing with the chart: Bitcoin on the hourly level has already broken below the Fibonacci level of 23.6, and is now suspended in mid-air; above 23.6 is resistance, below 38.2 is support. Now Bitcoin can only continue to move downward to test the 38.2 position for support to have a rebound.
Directly pushing up to 23.6 is a bit difficult. If Bitcoin tests the 38.2 for support and rebounds above 23.6 and stabilizes, that would be good; but if it cannot stabilize, it will likely come down or even test the 50 or 61.8 positions below. Pay attention to volume changes; meeting adjourned.