Long-term Trend:

In recent videos, we have repeatedly mentioned that Bitcoin will be dragged into a oscillating trend. Continuing the logic of previous videos, we see that the current long-term trend still matches our expectations. The market continued to close with a small bearish candlestick yesterday, with a very small range. We continue to maintain a wait-and-see approach without making any trades.

Medium-term Trend:

Given the inaction in the long-term trend, if you want to gain insight into the subtle evidence of the future direction earlier, you need to pay more attention to the medium-term chart. I don't know if everyone still remembers the three resistance levels that I have been tracking frequently in my recent videos. As I mentioned yesterday, as time goes by, prolonged consolidation is increasingly unfavorable for upward movement in the market. After another day of sideways oscillation, the top two resistance levels have converged around the 44000 level. Therefore, we only need to focus on the two key resistances at 43300 and 44000. Of course, given the current situation, the bulls are visibly weak, and the several attempts to break through 43300 have been mercilessly resolved by the bears. Based on this performance, I am more inclined to wait for the formation of a bearish structure. Although Bitcoin's structure is not as obvious as Ethereum's at the moment, there is no need to rush. As long as the consolidation continues, opportunities will eventually arise.

Short-term Trend:

In the short term, a horizontal line has formed, similar to the consolidation at the beginning of the month. I don't know if everyone remembers what major market movements occurred after the last consolidation like this? Regardless of the subsequent direction, for contract traders, they are not afraid of a big rise or a big fall, but rather the daily 1% fluctuation without any significant movement. My recent viewpoint has always been to remind everyone to remain patient. Today is no different. Regardless of the perspective, short-term trading is not suitable. Otherwise, apart from repeatedly paying trading fees to the exchange, there is not much profit left for us.

Patience is the first digit of the wealth code. Welcome to join the Rabbit Community.

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