$BTC Evening Viewpoint:
Talking through pictures: The big pie has been oscillating within the triangle without breaking through or dropping, just swaying here. If it wants to rise, it should rise quickly; if it wants to fall, it should fall decisively. This is too indecisive.
We also do not know whether it is going for a W bottom or an M top; can we get some direction? To go for a W bottom, it must break through the upper resistance at 91351 to form a W bottom on the hourly level. To go for an M top, it must break below the neck line at 89561 for the M top to be established and to continue the downward trend. Now it's stuck in between, so what do you suggest? We can only observe and see which way it breaks out first, then act accordingly; otherwise, there’s nothing we can do.
Is the position indicated by the yellow arrow below a double bottom? Currently, it looks like a double bottom, but it cannot break below 89561. If it breaks below 89561, not only will the double bottom disappear, but also the bullish trend outlined by the big white box will be destroyed. As mentioned at noon, as long as it does not break below 89561 and oscillates, it might just be the best trend for now.
🤢
The big pie broke through 90506 with volume on the right side; if it breaks 90259 with volume and cannot recover, short on the right side, and be sure to set a stop loss.
The big pie has broken through and stabilized above 90457 on the hourly level; look up to 91375-92289; if it does not break through, those two positions will remain forever.
On the 4-hour level, if it breaks below 89814, look down to 88888-87669. If 89814 breaks and does not recover, 88888 will also be tough to hold.
🤢
Continuing to look at the chart: The big pie on the 4-hour level is currently defending ema20 and the 50-day moving average. If it can stabilize above ema20 and the 50-day moving average, there will be a chance to touch the ema200-day moving average. If it breaks below the ema20 and 50-day moving averages, 87882 is a support level on the 4-hour level. If it can't hold, 83770 is waiting for you. There's really not much else to say; let's wait for the US stock market to open! The US stock market won't provide direction until it opens. During this period, it's been like a corpse during the day, only having volatility at night. Meeting adjourned.
