$BTC Evening View:
The Bitcoin has finally broken through the range it has been consolidating for two days and has surpassed the resistance level of 105500 that held it back for two days.
Once the key resistance level is broken, you can chase the long position, which is called right-side trading; it has higher certainty.
However, unlike left-side trading, which can capture a large portion of the profit, right-side trading can only capture a small portion. This is still better than having nothing. A healthy upward trend must be accompanied by a pullback; a direct 90-degree upward surge without a pullback is unhealthy.
Many students panic if they miss an upward or downward trend. Don't panic; if you miss it, just wait. Isn't it better to enter once it pulls back and the previous resistance now acts as support without breaking?
Why panic? If you rush in and encounter a pullback, won't you be stopped out again? Remember, there are many opportunities; if you miss this one, there will be others. However, your capital may never be there again. The cryptocurrency market has never been short of opportunities.
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Talking through the chart: Bitcoin's hourly low points have been rising, and no lower lows have appeared. Shouldn't you primarily look to buy on a pullback? If lower lows appear, you can just run away.
Instead of shorting at relatively low levels, if there's a surge, you might miss out again. This recent surge in Bitcoin saw a long upper shadow on the hourly chart, followed by a high-position doji, indicating that Bitcoin is facing resistance above and has a need for a pullback. Observe the volume indicated by the white arrow: the first candlestick reached a high price, but the volume did not follow. The second candlestick had sufficient volume, but the price did not rise significantly and ended with a long upper shadow, indicating a discrepancy between volume and price.
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Bitcoin broke through 106071 with volume, chase the long position on the right side. If it drops below 105719 with volume and fails to recover on the rebound, chase the short position on the right side. Pay attention to changes in volume.
If Bitcoin can stabilize above 106522, look up to 107274-108006; stabilizing above 106522 indicates a reversal.
On the 4-hour level, if it breaks below 105486, look down to 104913-104198.
Continue to look at the chart: the Fibonacci 1:1 upward target position for Bitcoin on the hourly chart has been established, and it has been blocked near 1.618.
It is reasonable for Bitcoin to pull back now since the target position has been set. If it can break through 1.618, it will continue to move upward; if it cannot, a downward pullback is also acceptable. Meeting adjourned.