The large pancake of $BTC is currently at the high three level in the high area on the four-hour chart. In the middle of the night, there was a false breakout that reached the high one, quickly retracting by 3000 points. Here, a large bearish candle directly fell below the left side's large bullish closing price support of 100350, forming an M-top. Therefore, if the rebound does not surpass 100350, it will continue to decline. A valid breakout will move upwards. The upper pressure levels on the four-hour chart are around 100800, 101800, and 102500. The lower support levels are 99180 (key point of left high support), 98480, 97750, and 96500.

The M-top on the four-hour chart has broken the neck line, and considering the daily chart has not broken the left side's large bullish closing price, it has formed a small bearish candle. Structurally, this is also a small high three within the high three, so I will primarily focus on short positions.

If trading at the four-hour level, once in position, one can observe the secondary 15-minute chart's top and bottom structure to find entry points. Taking the current 15-minute chart as an example, a valid breakout of the neck line at 100450 will lead to a rebound, while a valid drop below 99600 will continue to decline.