Arlong Watches the Market:

Today’s market is falling pretty sharply, but during the day it may rebound first—filling that gap around 72400—then it will continue moving downward.

Yesterday, BTC got smashed down from 73700 all the way, reaching around 70000 before rebounding. It dropped more than 3000 points in one go. This morning, near 70000, it formed another parallel bottom to start rebounding—but seasoned traders all know that parallel bottoms and parallel tops are often used to break through. This is a tactic that the main forces commonly use. So, most likely, the 70000 level won’t be able to hold later.

So what exactly will happen today? First, let’s make one thing clear: 73700 is basically the top of this rebound wave. Don’t even think about 76000 or 78000—those are not in the cards in the short term. Because the uptrend structure on the 1-hour and 4-hour timeframes has already been broken, creating even lower lows—this is a signal that the trend is about to turn downward. However, it hasn’t yet formed a lower high, and I think it will likely do so today.

In simple terms, during the day it may first move upward to fill the daily gap around 72400. After that gap is filled, it will keep falling, and in the process it will poke through that parallel bottom at 70000—then the downtrend will become clear. That’s roughly how the script is laid out.

Of course, this is only my personal view. How the market moves still depends on how @TuoKuaKuang@ draws k线!
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