Qingmei Zhuobi: Why is it said that Bitcoin is mor

There was no movement at 312, but there was a sharp retracement at 315.

The last article was written on March 9, "Before the Cancun upgrade, let’s talk about the position ETH has risen to." It clearly gave suggestions for reducing positions. At present, it is still relatively correct.

Bitcoin market analysis

1. Wave 5 extended

Bitcoin’s rise since 38500 is more consistent with the structure of 5-wave extension, that is, if wave 5 is extended, wave 5 ends at 161.8% from the starting point of wave 1 to the end of wave 3.

Measured according to this Fibonacci ratio, the theoretical value is 73660, but the actual value is 73777, which is still very consistent.

Therefore, this retracement can be characterized as at least a retracement of the rise of 38,500, and this round of rise has been extended by wave 5.

2. Where is the theoretical retracement position for the extension of wave 5?

The theoretical position is as shown in the figure. The difference is that wave 5 of this round appears in the form of an ending wedge.

Theoretically, it may return to the support near 60,000 (dashed line). The possible trend is as shown in the figure.

No matter what, the vicinity of 60,000 is a strong support, and the probability of rebounding or stopping the decline is greater here.

The above analysis is for reference only. The market situation is complicated, so read it as you go. #BTC

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