$BTC Evening Viewpoint:
The garbage time for Bitcoin has begun again. Since it fell below the bullish trend indicated by the large white box, there has not been a single K-line that has returned to operate above 68348.
If it cannot stand above the 68348 resistance, there is no way to return to the strong bullish zone outlined by the large white box. If it cannot return to the strong bullish zone, it will be impossible to continue to see a rebound.
Currently, Bitcoin has been consolidating in the range of 67848-66759 for an entire afternoon, without forming the bearish flag depicted in the chart. Moreover, the positions marked by the red box inside the flag have been producing ineffective K-lines. What are ineffective K-lines? They are K-lines that do not allow you to distinguish whether the bulls or the bears are stronger. When such ineffective K-lines appear, it is advisable not to enter the market, as they are in the process of selecting a direction. It is better to enter once the direction is clear.
For Bitcoin to rise, it must break through the bearish flag. Only by breaking through the bearish flag can it look at the positions indicated by the left yellow arrows above, High 1 and High 2. If it cannot break through, it is useless.
If it breaks below the previous low of 65700 from the early morning spike of the bearish flag, it may not hold. If it cannot hold, look down towards 64800.
Bitcoin should break through 67582 on volume to chase the long and eat the rebound. If it breaks down through 66925 with volume and cannot reclaim, chase the short on the right side, and set a good stop loss.
For the hourly level, Bitcoin must stabilize above 67692 to look up at 68277-69235; if it cannot go above 67692, it is useless.
At the 4-hour level, if it breaks below 66950, look down at 65765-64751.
Currently, Bitcoin at the 4-hour level is being suppressed by the EMA 20-day moving average, which is why it has been unable to continue rising. The upper yellow arrow has challenged the EMA 20-day moving average three times without success. If the bulls fail after three attempts, they will show signs of exhaustion. The neckline marked by the lower yellow arrow at 66500 absolutely cannot be broken. Once the 4-hour level breaks below the neckline of 66500, the waterfall at the 4-hour level will come. For the 4-hour level to rise, it must break and stabilize above the EMA 20-day moving average to see the EMA 50-day moving average; otherwise, it is useless. Meeting adjourned.
