Let's chat about the market data of BTC in the evening.

First, let's talk about the hourly level: the peak of this rebound from the drop is at 91214. If you want to continue going up, you need to break this level first. Only after breaking it can you attempt to touch the resistance area between 93176-93759. If you can't go above 91214, don't talk about continuing the upward trend.

Looking at the position of 90395 again — it's both support and the neckline. To be honest, BTC has been hovering around this area for a while, which is quite unsettling. If it really breaks 90395? Then we have to look down at 89258 and 88159. If these two can't hold either, then 86138 will have to be tested again. More crucially, once 88159 is lost, the bullish trend indicated by the blue box will be invalidated. Unless the price can return and operate above 91214, this downward trend cannot be resolved.

How to view the operational level?

BTC has broken through 90720 with volume, you can chase long positions on the right side to catch the rebound; after breaking down with volume at 90348, the pullback cannot return, chase short positions on the right side. The key is to watch the change in volume, remember to set a stop loss.

I personally prefer to wait for a breakdown before shorting. Why? The cost-effectiveness of going long right now is too low—there's limited upside potential and a lot of downside.

Hourly level breaks and stabilizes at 91214? Then look at 92547-93774. Can't rise above 91214? Useless.

4-hour level breaks 90290? Looking down at 89302-88320. If it breaks 90290 and can't recover, the correction bell for BTC will officially ring.

Zooming out to the daily chart:

The chart shows a "potential" head and shoulders pattern. Note that it is still potential and has not yet been established.

According to the logic of the head and shoulders pattern: if this rebound forms a right shoulder, the highest position is likely to be around 110,000. However, there is a prerequisite - before reaching 110,000, it cannot break below the neckline level of 80,556 in advance. At the same time, the rebound right shoulder cannot exceed 110,000; once it surpasses the highest point of the left shoulder, the head and shoulders pattern will be invalidated.

What if this wave of correction directly breaks through the 80556 neckline? Then the potential head and shoulders pattern will not exist. We must wait for a rebound to 110,000 to form the right shoulder, and then break below the 80556 neckline for it to officially establish a head and shoulders pattern.

Got it? Keep a close eye on the volume changes. Meeting adjourned.