Bitcoin Evening Outlook

After Bitcoin touched a new low of 68188, it rebounded but failed to break through the resistance level of 69529. A evening star pattern formed near that position, and the hourly chart has shown pullback signals. After this rebound encountered resistance, it began a second test of the previous low, with a very standard movement pattern.

If it can stabilize and stop the decline near 68188, it is expected to form a double bottom pattern with another chance to rally up; however, if it continues to fail to break through 69529, it will likely oscillate in the 68188-69529 range. Only an effective breakthrough of this resistance level will allow the rebound to continue, with upside targets at 70536 and higher levels. If the previous low is breached, the strong support below is at 66588.

Weekend market volatility has limited reference value. Institutional markets are closed, and news can easily trigger sharp fluctuations. The true direction needs to be confirmed after US stock market opens on Monday. It is recommended to observe more and trade less.

Trading Suggestions:
• Break through 69254 with volume, chase longs with targets at 70512-71337; if unable to stabilize above this level, upward momentum will weaken

• Break below 68525 with volume and fail to recover on retracement, chase shorts

• 4-hour chart breaks below 68359, watch 66993-65777 below
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