Let me first state two conclusions:

1. This callback is in the form of a wide range of fluctuations, and it is unlikely to fall below 5w9.

2. After this callback is completed, it will switch to the trend of a general rise in the altcoins in stages. The subsequent increase in BTC is lower than that of the altcoins.

The rise since October last year can be seen as a 5-wave rising structure. The 2-wave callback experienced in January was a steep decline, short and fast, with a decline of about 20%.

This is a 4-wave callback, which should be different from the steep type of the 2-wave, and is manifested as an oscillation type. The time is longer than the 2-wave, and the shape is similar to a wide range of fluctuations. In addition, the vicinity of 5w9 is the low point of the intraday large fluctuation in early March. At that time, the trading volume increased sharply, indicating that a large number of buying orders came in. The feedback from the trading volume can also show that this is an important support position. The low point of the last callback was not lower than 5w9.

Moreover, from the perspective of indicators, there is no top divergence at the daily level. The price has reached a new high, and the indicator has also reached a new high at the same time, which is relatively normal. It is not the type of decline that needs to repair the indicator after (multiple) top divergences, so it is considered to be just an ordinary callback.

Personally, I think it is worth buying around this price (59,000-62,000), at least the price-performance ratio is very high.