BTC started rising from 84K to 94K, then retreated back to around 89K. At this pace, it’s likely to test the 84K support level again. However, I personally think the chance of breaking the previous low is only about 30%.

Basically, this market is still in the rebound phase within a downtrend. The market needs a rapid plunge and quick pinning to confirm the direction. Even if it really breaks the new low, it won’t go too far from 84K. In other words, this current wave is a standard second wave rebound, and the second wave hasn’t fully completed yet.

Looking at Pippin, when the price surged to 0.33, I thought that was the top, at least the super wave three structure should have finished. But what happened? The price stayed above 0.33 and even broke a new high. However, from the wave structure perspective, this is still an extension of wave three, at most a sub-wave five within wave three, and it won’t cover too much distance.

After trading in the market for a long time, these patterns become less surprising. The K-line expert who is very accurate with timing is also about to break even on this short position, which is a signal.