Talk about why to get rid of Bitcoin long positions and turn to bearish!

Because in a normal market, when breaking a new high, taking Bitcoin as an example, it should quickly rise, but during the day it hit 124500 and did not continue to rise, instead it pulled back to test support. It has now broken below the minor trend line; if it doesn't hold 120500, it will test around 118000. If it breaks below the upward trend line, it will go to around 112000-113000.

From my new five-wave chart, starting from 112500, the first wave is at 117500, the second wave is at 116350, the third wave is at 122300, the fourth wave is at 118000, and the fifth wave is at 124500, which completes the movement. Therefore, the market is starting to decline after completing the five waves, retracing back to around the first wave. If this position can't hold, then watch for 105000.

In the evening, the main focus is on whether Bitcoin can reclaim the position of 122500; otherwise, there won't be any bullish outlook! $BTC

Additionally, for Ethereum's daily level, the first wave is 1385-2879, the second wave is 2879-2111, the third wave is 2111-3940, the fourth wave is 3940-3353, and the fifth wave is 3353-4794. The five waves at the daily level have been completed, and it is uncertain whether there will be an extended wave to around 5200. If there is no extended wave, then in the short term, 4794 is the top because the last wave on the weekly level saw Ethereum drop from 4783 to 3388 as the starting point. Therefore, I have reason to judge that 4794 will be a short-term peak.

The current resistance is at 4730-4755; once it rebounds, I think it can be a position to short at a new high with a stop loss. Looking down to the 4100-3900 area, and deeper to around 3500. $ETH

This is my theory; as for the results, it needs to be verified in the next couple of days. If it holds, then this wave will be peaceful and enjoyable! 😂