Today we will first look at two charts, one is from July to December 2021, and the other is the six-month trend since the beginning of this year. Because the two are relatively similar, we will compare them together.

The current market trends are similar because they both reached a trend turning point after the daily high and faced upper pressure levels that could not be broken through, which is somewhat similar to the position marked in my figure.

I remember that in 2021, Bitcoin also reached a daily high at the top of the wave, and we also mentioned at the time that if the market continued to weaken and could not stand above 5.8w, it would enter a long-term adjustment at the weekly level. Later, everyone knew that in 2022, the market weakened and adjusted to 1.5w.

Although there is no weekly adjustment in the current market, there may still be adjustments at the daily level. The key pressure level of 27500-700 that we started to pay attention to this week has not been able to break through. After yesterday's test, it continued to return to below 27000, and we are facing a choice in the short term.

As for the trend, after we started to suggest reducing positions last week, the current price and 12h trend quantification have not turned bullish again, so we do not recommend that you enter the market blindly. The best strategy is to buy at the bottom and wait patiently for the trend to get back on track.

The two rebound methods we expected this week are currently hovering between 1 and 2. The market first went through the 4th wave rebound we expected, in line with the expectation of 1, and then fluctuated below the pressure level, in line with the expectation of 2. At present, it is still more biased towards 1 in the short term. In the bearish state, if the price fails to return to above 27,700 and 28,000 over the weekend, we still need to pay attention to the risks.

The rebound of Ethereum was not as expected. Yesterday's shock still did not break the upper pressure level. We lowered the pressure level to between 1850-70 in the short term. If there is no breakthrough here, the future trend will still be the same as that of Pie. Cherish it while you can.