$BTC Evening Viewpoint:
Looking at the chart: The Bitcoin hourly level is in a consolidation range of 86510-85565. If it cannot break the upper bound of the range at 86510, the uptrend cannot continue. Only by breaking the range can we see the positions marked in white boxes. Only by firmly staying above 86510 can the decline stop; otherwise, it is already good to maintain fluctuations without a continuous decline. What do you need a bicycle for!
Currently, Bitcoin has tested the support at 85000 downwards twice, and it has held so far. If it tests again and fails to hold, then we may see 84000! The prolonged sideways consolidation has made it difficult to create higher highs, and the probability of breaking the support at 85000 has greatly increased.
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Bitcoin broke through 86523 with volume, continuing to chase long positions on the right side. If it breaks down at 85627 with volume and cannot recover, look to short on the right side, and set a good stop loss.
If Bitcoin breaks and stays above 86523 at the hourly level, look upwards to 82772-88205. If it cannot break 86523, it's useless. I wonder if anyone was continuously going long during yesterday's drop and got hurt badly; remember, you can never catch the bottom, and what you think is the bottom is not actually the bottom. Don't fantasize about catching the bottom while the market hasn't finished dropping.
At the 4-hour level, if 85551 breaks down, look down to 84120-83415; if 85551 cannot recover, 84120 will naturally come.
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Continuing to look at the chart:
The Bitcoin daily level triangle has been broken, and an M-top has appeared inside the triangle. The neckline of the M-top is at 86052. If tomorrow's daily closing price is below 86052, the M-top at the daily level will be established, and then we can wait for the previous low at 80602!
If it reaches this previous low and can stop the decline, that would be good, forming a daily double bottom. If it directly breaks through the previous low, I don't know where it can go. The Bitcoin daily EMA 20 moving average has been broken, and the daily EMA slow line and fast line have shown signs of downward divergence. This confirms the bearish trend at the daily level; if you want to break the daily downtrend, you must return above the EMA 20 moving average to break the current daily downtrend; otherwise, there is no solution. Pay attention to the changes in volume. Meeting adjourned.
