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Yesterday there was no update due to some matters, and as a result, Bitcoin's price dropped to around 88909. Looking back at the article from January 9, it was clearly stated that I was determined to set up long positions around 89K. This is the third charge, and the ideal entry point is 88.8K.

Around 10 PM last night, Bitcoin provided the opportunity as expected. By now, it has risen about 7K, which is quite stable. That said, the price action yesterday was indeed frustrating, dropping steadily from morning to night, resembling a script that first brings you despair and then gives you hope.

The drop from 95850 to 88900 ignored all support levels and plunged directly. Those who haven't experienced such volatility probably had their mindset shattered. However, the first break of 90K followed by a rebound to 93K-94K was within my expectations. I had already mentioned in the article that the 90K level was a false break; the important thing is how to play it next.

Additionally, the U.S. CPI data tomorrow night is crucial for the recent market trend. Don't think it has nothing to do with Bitcoin; everyone knows how the U.S. stock market affects Bitcoin lately, right? If the data is negative, 90K might not hold. But if it's positive, we can maintain our rhythm and even pull back to a more favorable situation.

Once again, people are asking if this bull market has come to an end. There's no need to worry; I personally expect it to last until November this year, which is after two or three rate cuts. The current daily-level consolidation, although torturous, is actually preparing for accumulation and bottoming. The monthly trend remains healthy, and the hidden upward momentum is actually strengthening.

So for short-term trading, there's no need to rush into chasing highs or cutting losses; just maintain a steady operational rhythm. Focus on short positions primarily, with some long positions as a supplement. Small long positions can wait for now, and the key is to keep an eye on the 89K level, as entering during a pullback is more cost-effective.

For medium-term trading, caution is needed. After the plunge last night, the smaller indicators will definitely recover today, but the bearish pressure from the 3-day MACD is still present, and there is a risk of a death cross on the weekly chart. Therefore, a pullback to 82K cannot be ruled out, but that would be a buying opportunity, not a mindless chase for shorts. Once the larger indicators stabilize, positioning for long trades is the way to go.

As for me personally, having experienced major market events like 3.12 and 5.19 over the years, this minor plunge is nothing. However, the process of dropping from morning to 10 PM last night was indeed hard to bear.

But there's no need to worry too much; I mentioned that after breaking 90K, it would quickly recover. As long as the 95K center holds, this market can attack upwards and defend downwards. In simple terms: if good news comes, it could push up by 3K points. If bad news comes, it might pull back to 90-89K.

As long as 89.2K is not breached, this wave is far from over. The plunge is not important; what matters is whether you can maintain your mindset and seize the opportunity. The area around 90K is the key to Bitcoin's dynamics!

Master Looks at Trends:

Resistance Levels:

First Resistance Level: 95400

Second Resistance Level: 96200

Support Levels:

First Support Level: 93800

Second Support Level: 93000

Today's Suggestions:

The current short-term resistance level is 95.4K, which can be used as a reference for operations. Due to the sharp rebound, the probability of an adjustment in the short term is relatively high. Considering the rapid rise, an adjustment may occur, so it is advisable to pay attention to the price range around 94.8~95.2K to see if it forms support and look for pullback opportunities.

Instead of expecting further rises after a V-shaped rebound, it is better to look for rebound opportunities within the adjustment range. The current price has returned to the previously mentioned descending triangle convergence pattern, so it is recommended to monitor whether the lower trend line can hold in the short term to promote further rebounds.

After the rapid rebound, a short-term adjustment at 95.4K is expected, so focus on the lower trend line of the pattern and the 94.5K support to look for rebound opportunities. If 95.4K is strongly broken, it is better to wait for a pullback before positioning.

1.14 Master’s Wave Positioning:

Long Entry Reference: 89200-88800 (do not enter if below) Light long positions in this range. Target: 90300-91500

Short Entry Reference: 95400-96200 Light short positions in this range. Target: 93800-93000

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