#BTC BTC Evening Viewpoint:

The Bitcoin hourly triangle has been broken downward. Before the triangle was broken, the first rebound hit the position indicated by the red arrow at 68,188, and the second rebound reached a high of 68,419. Although both upward spikes showed higher highs, the closing prices did not stay above 68,000. Subsequently, a pullback formed a double pin top pattern. A double pin top is definitely a signal to short, but I prefer left-side trading. I like to wait for a break below a support level and then go short on the right side, which is more certain. Currently, within the triangle, a head and shoulders neckline is at 66,229. If the hourly head and shoulders breaks below 66,229, it will confirm the head and shoulders pattern and target a retest of the support zone at 65,512-64,930. If this support zone is broken, look out for 63,949! If this zone holds, expect sideways movement between 64,930, 65,512, and 66,229. Once the 66,229 level is broken, the bullish trend marked by the large red box will be invalidated, and a downward retest is inevitable. To stop the decline, price must return above 66,732; otherwise, the downward trend continues.

Bitcoin with volume broke below 66,246. Aggressive traders can chase longs on the right side, while half-position shorts can be initiated on the left side at 67,267, with proper stop-loss in place.

Bitcoin broke above and stabilized at 66,777 on the 4-hour chart, aiming for 67,267-68,016. If it cannot go above 66,777, it’s useless.

On the 4-hour chart, a break below 65,953 targets 65,565-64,262 downward.

Yesterday, Bitcoin’s 4-hour rebound nearly touched the yellow bullish trend line indicated by the red arrow, which corresponds to a price of 69,292. Touching this level is an excellent left-side shorting opportunity—just a few hundred dollars away, what a pity. Why did Bitcoin rebound at 66,444? Because this level is at the 78.6% Fibonacci retracement. In Fibonacci analysis, 78.6% and 61.8% are two relatively strong support levels. When Bitcoin first touched 78.6%, a rebound occurred. Currently, it’s near this level again, watching to see if it will stop falling and rebound this time. If the 4-hour chart breaks below 78.6%, the rebound trend marked by the red box will reverse again. Pay attention to volume changes. Meeting adjourned.