Long-term trend
Continuing the viewpoint of yesterday's video, the recent rise of $BTC on the large cycle chart is defined as a correction trend after the decline. The expectation for the future market is still to break the previous low, so we have always had only one idea, that is, to wait for the turning point to appear. From these rising K-lines, it can be clearly seen that with the increase in prices and the divergence between volume and price, the buying power has also clearly shown a weakening trend. In order to more clearly understand the long and short behaviors on the market, we need to look for answers in smaller-level charts.
Medium-term trend
In the medium-term market, we can see that the bearish 5-0 pattern derived from the bullish shark pattern has been completed, and the reversal price is given to around 43783. Yesterday, the position was tested three times in a row, expressing a very strong short-selling pressure, and the price continued to move sideways, indicating that it has entered a state of stagflation and has started to consolidate. Based on the above information, we find that the current position is likely to become the turning point of this large cycle callback, so we continue to explore whether there are opportunities for operation in the small cycle.
Short-term trend
On the short-term chart, I judged yesterday that the price might be evolving in the distribution of the M-top, and reminded the fans that the neckline break was a good opportunity to short, but the price did not start to fall, but continued to fluctuate all night, and we found that the current small level might be in the distribution of the head and shoulders top rather than the M-top. However, this does not affect the expectation of the future trend. If the price can continue to fall below the neckline, it may be that this period of oscillation will bring about the butterfly effect of the turning point of the long-term chart.
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