$BTC Evening Viewpoint:
Talking through the charts: Why is Bitcoin experiencing a pullback again? Because it couldn't break the resistance at 88000, so a retracement occurred. Isn't that to be expected? The position indicated by the white arrow has shown a shooting star, indicating selling pressure at this level. The appearance of the shooting star shows that the bulls have been trying hard, but if the efforts yield no results, why continue? Let it develop freely!
It's like going to work without getting paid; would you still feel motivated to work? Just let it be! It's the same principle.
The position marked by the yellow box has shown a bearish engulfing pattern, indicating various signs that Bitcoin is set for a pullback. Additionally, Bitcoin has already broken below the neckline at 86557, and is currently supported by the lower boundary of a triangle. Once this lower boundary is broken, 85000 will come.
Unless it can return to above 86557, it cannot stop the current downward trend; otherwise, it’s futile.
If 85000 is breached, look for a stop-loss signal at the previous low of 83700! If it cannot hold, things will get really bad.
🍆
Bitcoin should break through 86760 on volume to the upside, and if it breaks below 86286 on volume, a rebound that cannot reclaim will lead to a short on the right side, so manage your stop loss well.
On the hourly level, Bitcoin needs to stabilize above 86557 to look up towards 87172-88017; if it cannot stay above 86557, it won't rise.
On the 4-hour level, if it breaks below 86087, look down towards 85227-83777. If it breaks below 86087 and cannot reclaim 85227, it will naturally come without haste.
🍆
Continuing to look at the charts: On the hourly level, according to Fibonacci, the target for this wave of decline at a 1:1 ratio is 83592. If it really gets to 83592, the previous low of 83777 was broken, resulting in a lower low. If this continues, you will soon see the 1.618 level. The first time it hits near 83592, a rebound will definitely occur, but if the rebound cannot achieve a higher high and breaks below 83592, it's only a matter of time. Once 83592 is broken, everything that needs to come will come; pay attention to changes in volume, and dismiss.
