On Tuesday evening, Bitcoin (BTC) began its downward trend, with a slight dip. Ethereum (ETH) retreated over 200 points from its peak, leaving Bitcoin with a short-term retracement of around 2,000 points, from its late high of 115,800 all the way down to 113,500. It's surprising that Bitcoin still has room to fall in this market. It's retreated 10,000 points from its previous high. This market trend is truly outrageous. The overall pace exceeded expectations, but the period of adjustment is relatively clear. The strategy I gave tonight was to take losses, regrettably going long on a slight pullback. However, the pullback was too strong, leaving me unable to enter the long position. Bitcoin currently has a small loss of 800 points, while Ethereum has lost over 50 points.

From a macro perspective, the market is still in the continuation of its second wave of correction. The weekly chart continues to adjust under pressure. Compared to the previous upward trend, the current retracement is relatively modest. Combined with the Evening Star pattern, there is still room for further decline. In the short-term, support below 113,000 will be tested. However, as previously stated, repeated attempts at a certain level will not be enough. After repeated attempts at support, their significance will be lost. Of course, this does not change our long-term bullish pattern, which remains unchanged. It's just that the adjustment period is increasing, and the scope is expanding. In the short-term, the market rebounded from the low point and closed higher, leaving ample room for upward movement. Although the moving averages are somewhat cluttered, the overall pattern remains a bottoming-out and rebound.

On Wednesday morning, short-term bullish signals for Bitcoin (BTC) are focused on 113,400-113,000, with a target of 115,000. For Ether, focus on 4160-4140, with a target above 4260. $BTC