Bitcoin Evening Outlook

Bitcoin is currently oscillating steadily within a bearish flag pattern zone. This slow-paced movement is actually more comfortable, with minor back-and-forth pulls being much safer compared to volatile surges and crashes with uncontrolled directional spikes.

This round of uptrend, calculated by Fibonacci 1:1 ratio, has a target level near 71960. Whether it can further reach the 1.618 level at 73552 depends on the performance after touching 71960:
• If it can continue oscillating above 71960, it will likely push toward 73552;
• If it only pierces through 71960 before rapidly falling back, it means only the 1:1 target is completed, with difficulty in further upside attacks.

To achieve a 1:1 uptrend, it must first break through the bearish flag pattern, while simultaneously not breaking below the 70408 support. Both conditions are necessary.

Once 70408 is broken, it will first retest 69203. If that fails to hold, it will explore the previous low of 68288. Once the low is refreshed, the 1:1 uptrend structure becomes invalid.

Operation Suggestions:
• On volume breakout above 70813, consider going long following the trend, watching 71577-72000 above;

• On volume breakdown below 70417 with failed bouncebacks, consider going short following the trend.

• 1-hour: Holding above 70813, rally continues;

• 4-hour: Breaking below 69767, watching 68828-68307 below.

$BTC #Gate13周年全球庆典