ETH Evening Strategy: Currently, Bitcoin's (BTC) performance is much stronger than Bitcoin's (BTC). BTC is just waiting for a catalyst from BTC. If BTC can rally even slightly, BTC will likely break through the resistance at 3403.
Without a BTC rally, BTC is showing signs of activity, but BTC isn't pulling up. BTC's bullish flag pattern has been broken, and the hourly Fibonacci 1:1 target has been reached. The next step is to see if BTC can break through and hold above the 1:1 target. If it can hold above the 1:1 Fibonacci 1:1 target, the 1.618 level will be reached.
The second candlestick pattern can retrace, but it shouldn't fall back into the flag pattern. It can consolidate at the upper boundary of the flag. As long as it doesn't fall back into the flag, there's still a chance for an upward move. If it falls back into the flag, it will continue to oscillate within the flag. Once it falls back into the flag, the flag is likely to be broken. Once the flag is broken, the neckline at 3273 will also be broken, and it will test the support at 3202, which is the lowest price of the large bullish candlestick that first spiked upwards on the left.
If it breaks below the lowest price of this large bullish candlestick, this bullish trend will be broken, and it's unknown when it will recover.
Looking at the area circled in white, there were six consecutive bullish candlesticks. I originally thought that if the seventh candlestick closed bullish, it would form a seven-day winning streak, and the eighth candlestick would have an 80% probability of being a large bullish candlestick. However, it didn't follow my expectations and closed as a doji. 😡😡😡
Bitcoin (BTC) breaking through 3365 with volume indicates a buy signal; a break below 3335 with volume indicates a sell signal. Pay close attention to volume changes and use stop-loss orders.
If BTC holds above 3368 on the hourly chart, the upside target is 3403-3453.
If BTC breaks below 3318 on the 4-hour chart, the downside target is 3280-3230.
Actually, BTC has been oscillating within the 3403-3281 range. The longer it oscillates within this range, the higher the probability of an upward breakout. If you find the market boring, you can try buying low and selling high within this consolidation range; otherwise, patiently wait for the US stock market to open. Meeting adjourned.
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