#BTC :

The big cycle of Bitcoin is bullish above 110,000. At present, the new round of rise has not started yet and is still in a consolidation structure. The reasons are as follows:

1. Structurally: The first wave of rise is a 3-wave rebound structure, not a 5-wave rise driving structure.

2. In terms of amplitude: It needs to break through 71,500 quickly in the short term. It is currently around 64,000 and is far from breaking through.

It is recommended to short around 64,400. If it hits higher, continue to add short positions.

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