BTC will go to 64.5k first, and pay attention to the potential long positions below 63k and 60k.

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From the perspective of the 4H-level large channel, the price went to 70k and pulled back, and then fell rapidly, and the 4H level almost directly broke through POC violently, and the yellow rising trend line was broken. The long pattern mentioned earlier has been broken, and the short trend has entered. There are quite a lot of long stops below each low point. It is expected that this round of decline will sweep away all these stops, at least falling below the low point of 64.5k. It is still the position between 61.5k and 63k mentioned before, which is worthy of special attention. It overlaps with VAL, 0.618 and the lower edge of a 4H-level gap.

If we switch the channel perspective to the Fibonacci channel, we will focus on the positions of the oblique 0.5 and the oblique 0.618, as well as a small gap near 60k. From the perspective of the time period, it is not impossible to backtest 60k.

From the perspective of the long position, long positions should reduce positions at highs to reduce losses as soon as possible. Long positions that are not in position should wait for long opportunities near 61.5-63k. If there is a chance to test 60k again and support it, this is also a good position to cover positions on the right. The two profit-taking targets of the short position are the same as the long position.

I don’t like to watch the market, and I prefer the left-side trading strategy. The trading strategy is time-sensitive. All remarks do not constitute any investment advice. I wish you all good luck~