Bitcoin Evening Analysis!

The current trend of Bitcoin can be described as a continuous decline with no signs of reversal. It neither shows a decent rebound nor drops sharply to the target level. Instead, it oscillates within a narrow range, with fears of further decline if it rebounds and fears of a rebound if it drops further. Many traders are caught in a dilemma, waiting for a clear direction before taking action.

From the market chart, the triangle pattern has already broken down, and the candlestick signals are conflicting: the first few candles seem to indicate a stop in the decline, but later there are bearish engulfing patterns. The bulls and bears are at odds, making trading increasingly difficult.

Key levels to watch closely are: first, the previous low at 62655. If it breaks down with increased volume, it’s likely to test around 62191; if it holds above the previous low, it will likely consolidate within the 62655-63431 range. For a meaningful rebound, a volume breakout above 63686 resistance is necessary, with targets at 64210-65051. As long as it doesn’t make a new low, there’s room for maneuver; once it breaks the previous low and makes a new low, a short-term turnaround will be very difficult. The market currently lacks a clear rebound wave.

In terms of trading$BTC , follow the signals on the right: buy on volume breakout above 63366 for a rebound; short on volume breakdown below 62689 if a rebound fails to recover, and remember to set stop-losses.

The hourly chart needs to stay above 63686 to target 64240-65012; if it can’t break above, it’s pointless. On the 4-hour chart, a breakdown below 63040 with no recovery likely means the previous low can’t be maintained, with further downside targets at 62642-62096. Currently, the 4-hour chart shows a breakdown of the box pattern and an M formation, indicating a bearish technical outlook. A retest of the previous low is only a matter of time unless some major news suddenly pushes the price back into the box. Otherwise, the trend remains bearish.

Finally, pay attention to volume changes and avoid fighting against the trend.