A brief discussion on the current market situation and future direction

Bitcoin has undergone three waves of convergence triangle breakthroughs within two months, reaching the current position today. After attempting to break through the 112,000 level but retreating a few thousand points due to monthly line pressure, we can observe the four-hour chart today, which is vaguely showing a expanding triangle. The probability of a significant pullback in the future is quite high, so the current price is suitable for a high short position.

Now let's take a look at ETH. In the first half of the four-hour period, it also exhibited an expanding pattern, accompanied by a shrinking trading volume, indicating an aggressive attitude towards the uncertainty of market direction. However, the momentum then weakened, and in the latter half, it gradually transformed into a converging triangle, with higher lows and lower highs converging towards the middle. This indicates that retail investors are starting to adopt a wait-and-see approach towards the market. The pattern also formed a double top, so we need to pay attention to the support around 2567—2540. A break below this level would likely lead to a downward move.

Next, a brief look at SOL, which has broken below the trend line, also suggesting a downward move, with support seen near the 160 level.

At 9 AM this morning, I opened a high short position for my brothers in the group and also provided an opportunity for those who missed out. Currently, it's just a sideways consolidation. Everyone should avoid entering during sideways movement, and be cautious of sudden spikes.

In summary, we are currently waiting for a significant pullback, exercising caution when opening long positions, unless a pattern appears that allows me to confidently go long, at which point I will post an explanation.