Evening View
After a midnight four consecutive declines, Bitcoin saw some bullish resistance with a green candle closing above 917, then began to rebound. The strength of the rebound does not seem significant from the 4-hour perspective; we can only say there is resistance. Due to the exceptionally long upper shadow at midnight, there is also considerable pressure above, and the price has begun to show signs of stagnation. Don't forget the bearish trend, which is still in play. If the bulls want to stop the decline, they must break through the upper 4-hour upper shadow and hold above it. Otherwise, the evening or midnight will still be unable to prevent the price from seeking a bottom. Since the current market is complicated and entangled, it might be better to directly focus on the critical positions of K patterns.
The upper pressure at 945 needs to be monitored for breakouts. If it breaks above, there will be no significant downward movement in the short term.
The lower level at 917 marks the beginning of the 4-hour midnight bottoming rebound. We will first monitor the breakout situation here. It can be said that the current Bitcoin price is resisting upward movement. A break below support will accelerate the decline.
Xinyi believes that Bitcoin will still return to test the bottom this evening, and we will continue to monitor the situation around the 910 line for any breakdowns.
Reference
If 945 does not break, be careful of not being able to catch the move; close to this level, a short position can be taken with a 500-point stop loss.
If it breaks and holds above 945, we will target 958.
