How many people have been fooled by this wave of market in the past two days? Yesterday, BTC briefly hit 66,500 and then ushered in selling pressure. Grayscale's market crash and the ETF's net inflow of 139M led to the continued weakness of the market. In fact, we have been reminding BTC in the past few days that there is a possibility of a long decline. Today, it has undoubtedly returned to 63,500.

In the current market, coupled with the weekend approaching, the market bulls are not confident enough, and it is possible to gradually bottom out. If it cannot recover above 64,500, we must be alert to new lows.

In fact, this wave of market generally has not gone out of the box shock mentioned before. If the fourth wave is too deep, there is no way to go out of the complete five waves. Now it is also the lower edge of the 4H descending wedge. There may be a situation similar to the last breakthrough and inducement and then a sudden plunge. At present, it has also been explored many times. We must also be alert to inducement and be prepared for inducement.

In fact, I don’t recommend you to operate at the current position, because there is no obvious acceleration. If you want to really bottom out, there will definitely be an acceleration. The support level can refer to 62,500-63,000, but the long position should not be structured recently. The resistance level refers to the position of 65,800.