The four-hour level 5 wave bull market of $BTC has basically come to an end. Under normal circumstances, the daily second wave pullback should reach the Fibonacci 0.382, which is around 93800. However, currently, both $BTC and $ETH have not even touched the minimum requirement of Fibonacci 0.236 (BTC is around 98300, note that it may need to reach here in the future) — this indicates a very strong move. According to Dow theory, this is playing a narrow sideways consolidation, and in Chan's theory, it is constructing a central axis. Other technical factions refer to it as a chip accumulation zone or a box, etc. Regardless of the name, these are all martial arts techniques, but if we leave the level (which is also the way), they are merely ineffective flashy moves.

There are two ways for a pullback. The first is a normal pullback to the non-Fibonacci 0.382 to 0.618 range, and the second is a pullback that uses time to exchange for space, relying on the narrow fluctuations of K-lines to gradually bring the major moving averages closer to the K-lines while repairing various indicators and divergences at different levels. BTC should currently be doing this, with the purpose of not giving those who missed the opportunity to buy in at lower levels a chance, allowing for full turnover of chips at high levels and constructing a consensus area. After this area is broken through, the chips that entered at high levels will not easily be sold off since they did not gain much. Thus, the pressure on the main force to pull up is reduced, saving a lot of costs. Therefore, pay attention to the minimum requirement of Fibonacci 0.236, which is around 98300; perhaps a spike could reach there.