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$BTC Evening Bitcoin Recommendations
On Saturday and Sunday, the market generally moves without any positive or negative news influence, mostly driven by robots. Get used to it.
Bitcoin has been consolidating inside a triangle, and the high and low points on the hourly chart are indicated by the rising white arrows.
Higher highs and higher lows indicate what: it shows that this segment within the triangle is in an uptrend.
Note that I am talking about the trend inside the triangle, not the overall trend.
As long as the price does not fall below the triangle and the support zone at 79,553, this upward trend inside the triangle will not produce a low point.
Without a low point, this upward trend inside the triangle remains intact.
Just be patient and wait for it to grind upward during the weekend.
If the pullback breaks below the triangle and the support zone at 79,553, it will continue to test the support around 79,232.
Only if it cannot hold will it continue downward, looking at the lower level of 78,155.
Before breaking below the triangle and the 79,553 support zone, you don’t need to scare yourself.
Don’t create anxiety over whether it will break or not—price isn’t the main concern, the position is.
As long as it doesn’t break below, it can fluctuate up and down freely.
However, on the hourly chart, Bitcoin also has a risk point: the candlestick at the red arrow above looks ugly.
To continue the rebound, it must break through the price level of 80,641, which corresponds to the candlestick pointed to by the red arrow.
Only after breaking this candlestick can it continue to rebound toward the resistance at 81,631.
If it cannot break 80,641, it won’t be able to rally.
Bitcoin with volume breaking above 80,342 should be chased long on the right side.
If it breaks below 79,529 with volume and fails to recover, chase short on the right side, with proper stop-losses.
On the hourly chart, a break above 80,342 and a steady hold indicates a target of 81,631–81,631.
If it cannot go above 80,342, it’s useless.
On the 4-hour chart, a break below 79,801 indicates a downward target of 78,800–78,091.
On the 4-hour chart, Bitcoin broke out of the box range and retested the upper boundary, confirming support and starting a rebound.
According to the box trading strategy, as long as the price doesn’t fall back inside the box during a retest, it will move in a 1:1 ratio within the box for an upward move.
The target is around 84,245, provided it doesn’t fall back inside the box.
If it falls back inside the box, the 1:1 upward move within the box is invalid.
This is how the 4-hour chart of Bitcoin is viewed according to box trading strategy.
$BTC