Currently, the price of Bitcoin is around 94,000. From an overall structure perspective, Bitcoin has risen from 57,000 to 108,366, completing the first phase of the rise. We are now entering the second phase of a consolidation pullback. According to previous analysis, this pullback period is expected to exceed 15 days, and it has already lasted 10 days, so it is still not time for it to end.
Structurally, the current pullback can roughly be divided into three parts: the decline from 108,366 to 92,000 is the A wave down, followed by the B wave consolidation, and then we will face the C wave decline. The key point now lies in the specific shape of the B wave, which may have already completed or may continue to consolidate within the range. If the B wave has completed, then the decline of the C wave may have already begun; we might see a standard five-wave decline structure here. However, if the B wave has not yet ended, the consolidation may continue further and could even form a complex structure of WXY.
In summary, yesterday we squeezed out the short positions, and today we are looking for opportunities to re-enter.
