【BTC】

Since the volume breakout this week, it has been consolidating at a high level for about two days, causing some subtle changes in the pattern. Overall, it can be divided into two phases of oscillation followed by an accelerated rebound, with the second phase showing a noticeably weaker momentum.

The small-scale structure projection may follow the attached diagram:
Currently, there are no good long opportunities in the short term, after everyone bought the dip at 708 two days ago up to the high of 731, which already exceeded 2000 points of movement. For this kind of market, that’s enough, and a divergence has appeared on the 4-hour chart.
It can be seen that the two relay adjustments starting from the bullish structure did not show strong signs of shakeout; generally, near major resistance levels, accelerated declines are unlikely to occur.

First, the large bullish candle on Tuesday trapped most of the shorts at the bottom, forcing them to cover and releasing liquidity.
Second, the overall rebound on the 4-hour chart still lacks sufficient time dimension! But the space has been practically met, and it is expected to complete next week, ultimately starting the second wave of correction. Now, focus can shift to medium-term short opportunities.

From the 1-hour perspective, the sustainability of the bullish trend is doubtful. No additional chasing above 71k is planned. For intraday entries, support can be watched around the lower boundary of 705-706. This should be considered the last rebound. Whether higher highs than 731 will appear later is still uncertain... Of course, it would be ideal to touch above 74k, which is the most desirable pattern.