$BTC Evening View:
The market has been declining after breaking the bearish flag pattern, falling below the support of 89098, and it has also broken the support of 88500, which was tested twice. The level of 89098 has shifted from support to resistance. If there is a rebound, it must reclaim above 88500; otherwise, don’t expect to pass 89098, as the downward trend will continue. The downward trend can only stop when it returns to the range of 88500-89098, and it can continue to oscillate within the bearish flag pattern.
As for whether a breakout will occur, you need to observe if the three hourly candlesticks can return to the range of 88500-89098. If it can return, there will be no breakout; if not, a small breakout must be drawn. The 1:1 target for the breakout is the previous low at 87205. Observe its price behavior at this level to see if it will break through directly or if it will hesitate and form a doji. If it breaks through directly, then look down at the level of 86052.
If it hesitates and cannot go down, a second retest of the previous low will end, leading to an upward oscillation trend.
The market broke through 89055 with volume on the right side to chase long positions, and for a pullback at 87188, take a light position on the left side. Pay attention to changes in volume and set a stop loss.
The market broke above 88500 at the hourly level, looking upwards to 89098-90326. To rise, it must break through 88500.
At the 4-hour level, breaking below 88115 looks down to 87212-86028. If it breaks below 87211 and does not reclaim, new lows will reappear.
At the 4-hour level, today is Sunday, a non-working day, so it can be ignored. Wait for three working days for the market. If it cannot return to above 90597 within three days, do you see the oscillation range marked by the large red box on the left? In fact, the market has already entered this range marked by the large red box. The last time it was in this consolidation area, it took 22 days to break out into a one-sided upward trend. If during working days the market cannot return to above 90597 within three days, according to the thinking of刻舟求剑, it will at least take 22 days to find direction. If it breaks above 90597, then what was said can be ignored; if it cannot break, continue to endure! Meeting adjourned.
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