$BTC Evening outlook:

Bitcoin has been pacing and consolidating inside the triangle on the hourly timeframe, and a potential W bottom has also appeared inside the triangle. Since the W bottom has not yet formed, it is called a potential W bottom. The neckline of the W bottom is at 76478. Only after breaking 76478 on the hourly timeframe can the W bottom be considered valid, which would lead to a rebound higher—toward the upper boundary of the triangle and the resistance at 77278. After breaking 77278, you can then look higher toward the location indicated by the yellow arrow above, as well as 78434 and the prior high.
Is the position pointed to by the red arrow below a double bottom? Before Bitcoin breaks above the neckline at 76478, it is also a potential double bottom formation. Only when it breaks above 76478 can it be confirmed as a double bottom formation. Before the market moves out the pattern, no one can give you an accurate answer; in plain terms, it’s all a gamble.
At this point, you can enter a long position and bet that the W bottom will form. For more cautious traders, wait for it to break the neckline and then chase the long on the right side. As long as Bitcoin’s pullback does not drop below the triangle and the prior low near 74919 indicated by the lower white arrow, the downside won’t be extended. Once it retraces and breaks below the prior low, there is an 80% probability it will go test the 73670 level. If Bitcoin chooses to move like this, the trend will be very ugly.
Bitcoin breaks out with volume above 76327 and you chase longs on the right side. Bitcoin drops below 75324 with volume, and if the subsequent retracement cannot reclaim it, you chase shorts on the right side—set your stop-loss properly.
On the hourly timeframe, if Bitcoin breaks above 76327 and holds, look for 77278–77900. If it can’t get up to 76337, it’s pointless.
On the 4-hour timeframe, a break below 75570 would point downward toward 74685–73751. I can’t write more—please check the comments section.
$BTC