The small cycle operates around the upper half of the channel, following a conventional high-level fluctuation. The previous high point continues to act as a turnover pressure + horizontal resistance.

The upper edge of the wedge has stabilized twice, but a false breakout occurred earlier, so the validity of this structure will weaken...

The right shoulder high point of the 4-hour head and shoulders pattern has moved down, increasing uncertainty for BTC here. If it can't break higher, there is a probability of testing the neckline area downwards, making it difficult to navigate here. At least from a technical pattern perspective, it appears this way.

At this stage, the focus is on trial and error, attempting small buying points.

The lower level of 106.5k serves as the main accumulation position.