Evening Market Outlook

In recent times, the market has repeatedly churned and consolidated sideways, and I believe many friends have been put through enough. In a consolidation phase with no clear direction, if you don’t have a position, it’s genuinely not recommended to open one. Blindly entering the market will only keep eroding your principal.

At present, Bitcoin is still consolidating and choosing direction within the triangle range. Long and short opportunities are still not clear; it’s not too late to wait patiently for a clear signal before entering. As long as it does not break below the triangle consolidation range, the downside will not expand. Once it effectively breaks below, pay close attention to the Fibonacci 61.8% support level around 65142.
If this level can hold, it will bring about a small rebound; if it is directly lost, you can look for the Fibonacci 1:1 target level at 63756 below.

To break the current pattern of sideways drifting lower, Bitcoin must stay above 67327 in order to stop the weak trend; otherwise, the sideways drifting lower will continue. After it holds above 67327, there will be a chance to continue pushing upward toward 69160.
Previously, Bitcoin has challenged the 67327 resistance level 4 times without breaking through. Resistance has failed to be broken multiple times, and bullish momentum has clearly faded. Relying only on its own strength makes it difficult to achieve a breakout. Now, as the 5th attempt to surge is approaching, if it still cannot hold above, the bulls will become thoroughly weak, and there will only be a chance to restart the uptrend after a pullback to activate buy orders. Alternatively, it will have to wait for positive external news to be called out, so as to break the current deadlock.

Practical Strategy

• If Bitcoin breaks through 67037 with strong volume, you can chase long on the right side to watch for the rebound;

• If it breaks down below 66760 with strong volume and the subsequent pullback cannot reclaim the level, chase short on the right side, and strictly set a stop-loss.

Level Targets

• Hourly level: after a breakout and holding above 67037, look for 67851-68510; if it cannot stand above 67037, the rebound is invalid;

• 4-hour level: if it breaks below 66358, look for 65638-64918.

For the 4-hour level, the key yellow bullish trendline corresponds to a price around 66300. This level must absolutely not be broken. Once it is lost, the consolidation box will break down at the same time, and the next round of pullback on the 4-hour timeframe will begin. If, after a rebound, it breaks below this trendline again, the space for the bears will be completely opened up, and the outlook for the subsequent price action will not be optimistic.