Hello, everyone! I'm Du Xun! First, let's look at the weekly chart. This week's close is extremely important. I believe the price needs to close back above 71,000 at the very least to confirm that the short-term market has shown signs of finding a bottom. If this week closes down again, with a closing price below 70,000, that would mean six consecutive weekly red candles. If this is a bull market, we haven't seen anything like that before—six consecutive weekly red candles are extremely rare in a bull market. Moreover, the actual decline represented by each red candle—from its opening price to its closing price—has been gradually expanding, which shows that bearish momentum is gradually strengthening. In fact, this week's decline has been the largest.

The main reason is that the previous low at 75,000 was breached, which means the final support level has given way. There was also a sharp rally before that, leaving a gap from that rapid move. Not much trading took place at this level, so it isn't a dense area on the candlestick chart—and that means there’s no support in this section. As a result, we’ve seen a fresh acceleration in the decline this week. If a long lower wick doesn’t form, that would indicate there are no signs of a short-term bottom yet. Looking at the current weekly chart, the trend is still extremely weak, so the situation remains quite risky. I still believe this is a second-wave correction within a bull market, both on the daily and weekly timeframes, and that this second-wave correction is nearing its end.

But if it continues downward, the next liquidation level is 62,000! The trend will have changed completely, and we can't rule out a further decline below the previous low. In trading, the key level to watch is whether 66,000 can hold as support. If it holds and we see signs of a bottom, a long position could target around 72,000. If it doesn't hold, the only option is to wait for a rebound to around 70,000 and then go short, with a stop-loss near 70,500 and a take-profit target of 62,000!

That’s all for today’s discussion. These are just my personal opinions!