Hello everyone, I am Aries, and recently I've been reading the book 'Elliott Wave Theory'.

Based on my learning experience, in the past few days, the BTC price has climbed from a low point, moving upwards along the moving averages, breaking through the previous high of 110,000, and is currently consolidating, which resembles the corrective wave in Elliott Waves, possibly entering the retracement phase after achieving the peak of the fifth wave. In terms of trading volume, there was a noticeable increase in selling recently, approaching a trading volume of 49,000 BTC, indicating that market sentiment is somewhat shaky. The MACD indicator has also shown signs of a bearish divergence, with the gap between the yellow line and the white line narrowing, and the green momentum bars decreasing, which makes me feel that the bullish strength might be weakening.

In the short term, the price may oscillate between $109,000 and $111,000, testing the support level. If it breaks below $108,000, it may further drop to around $105,000, as the Fibonacci retracement level from the previous upward wave is nearby. Conversely, if it can stabilize above $110,000 and break out with volume, the next target will definitely be $112,000 or even higher.

I feel like what I'm saying is a bit wishy-washy, either up 📈 or down 📉, but retail trading is just like that; there’s no way to be 100% certain about the direction. By the way, I am personally still bearish.

In terms of action, I plan to short at $110,500, with a stop loss at $111,500, taking a short-term profit, and if it drops below $109,000, I will set a trailing stop to continue holding for $105,000.

Next, I will continue studying Elliott Wave Theory, refining my analysis with RSI and trading volume, aiming to share more reliable insights moving forward. I welcome everyone to give me suggestions, recommend good books or techniques, and I will study them seriously, then validate them in real trading, writing down my insights to share with everyone!

If you find this newcomer a bit interesting, remember to follow me, and let’s all strive together in the crypto space, making endless progress and thriving!