$BTC Bitcoin Evening Silk Road and Suggestions

Bitcoin's upward slope is so steep that it has formed a 90-degree vertical rise. Now, if you ask me to chase long positions, I definitely wouldn't dare unless it can directly break through 74,000 to open up the upside space. Who knows if it can break through 74,000? Since you don't know whether it can break 74,000, wouldn't it be better to wait for a pullback before going long? Moreover, after reaching a new high, Bitcoin has been consolidating with decreasing volume inside a flag pattern. Look at the volume below the white box—does it want to keep running upward after refueling, or is it preparing for a consolidation and a downward correction? Only the market movement can tell you which way it will go.

Currently, this high-level oscillation is just a junk market for Bitcoin. Trading is pointless because it's consolidating without direction. Without a clear direction, it's better to watch more and act less. For Bitcoin to continue rising, it must break through the price of 72,015 in the flag pattern. Once it breaks the flag, it may test the previous high of 72,773 or even create a higher high. To pull back, Bitcoin first needs to fall below 71,405 to trigger a correction toward the support at 70,219. If it reaches 70,219, look for signs of a bottom and consider a long position on the left side. If it breaks directly below 70,219 and 69,159, then the downside is confirmed. So, Bitcoin has been oscillating inside the flag pattern, neither rising nor falling. How should you trade? Better to lie down and take a nap. Do you see the positions indicated by the two white arrows on the left?

Let me give Bitcoin a scenario to see if it will follow the script I suggest. I think Bitcoin will first make a false breakout with a spike, creating a new high, then retrace, similar to the positions indicated by the two white arrows below. This move would give a false impression of continued upward momentum, prompting traders to chase longs, thinking it will break higher. But then, the false breakout will turn down, taking out liquidity above and trapping the longs at a high level—killing two birds with one stone. Let's wait and see if it follows this script.

If Bitcoin pulls back to 70,333, go half in on a long position. If it breaks below 71,225 with volume and then rebounds without reclaiming the level, consider shorting on the right side with proper stop-loss.
On the hourly chart, if it breaks above 71,963 and holds, look toward 72,773-73,496. If it can't go above 71,963, it’s useless.
On the 4-hour chart, if it breaks below 71,263, look down to 70,400-69,218.

On the 4-hour chart, the triangle pattern has been broken, and Bitcoin has returned above the midline of the box at 70,541, moving within the range. Ignoring other factors, as long as it doesn't fall below the box's midline, there's a chance to test the upper boundary at 74,890. According to Fibonacci levels, the target for this 4-hour wave's 1:1 rise is around 72,400. Whether it can reach 1.168 depends on a second breakout above 72,400. If it breaks through and stays above 72,400, it may challenge the 1.618 level. If it spikes upward with a false break above 72,400 and quickly returns below, it probably won't reach 1.618 and will instead see a correction. Watch the price action around the second breakout of 72,400.
$BTC