Market Analysis - The cryptocurrency market is currently experiencing a downtrend, with Bitcoin showing predominantly negative price action on the daily chart [1] - Bybit's Bitcoin USD perpetual funding rates are high, historically indicating limited potential for a significant upward reversal [1] - A substantial market rebound is not anticipated unless a period of intensely negative funding rates occurs, potentially signaling a short-term or medium-term buying opportunity [1] - From a weekly perspective, Bitcoin's price movement suggests a longer-term downward trajectory, potentially extending to lower price levels [1] - The analysis suggests that the current price action may represent the initial phase of a multi-wave downward correction [1] Trading Strategy - Short-term long positions should only be considered if smaller timeframe market structures shift favorably, accompanied by a pullback [1] - Scalping long positions are the only viable option for short-term trades in the absence of a broader market structure shift [1] - A potential support level exists at a lower price point, but a period of consolidation and market structure change is necessary before considering long positions [1] - A false breakout followed by a decline at a key resistance level could present an opportunity to add to short positions [1] Risk Assessment - Altcoins are likely to continue declining towards zero, emphasizing the importance of focusing on Bitcoin [1] - The U S stock market may be facing challenges, potentially exacerbating the downward pressure on Bitcoin [1]

Market Analysis - Bitcoin is approaching a previous high point, with potential for a false breakout, similar to the previous instance where a short position yielded positive results [1] - The analyst initially anticipated Bitcoin potentially reaching around 121,000 or creating an all-time high, but now observes it nearing a Gartley pattern target at approximately the 0.786% level [1] - A large bearish candlestick pattern near the all-time high suggests significant selling pressure from major investors, leading the analyst to consider this area as a potential shorting opportunity if selling pressure persists upon retesting [1] - Ethereum has shown resilience by reclaiming a previous high point, indicating a potential AMD pattern formation, with a possible target at a prior high [2] Trading Strategy - The analyst suggests caution when using Wyckoff's accumulation and distribution concepts, especially for beginners, as it can lead to overconfidence and incorrect trading decisions [1] - For short-term Bitcoin trades, the analyst suggests considering a short position upon observing a bearish signal on the hourly chart, with a stop-loss above the high and targets at previous lows [1] - For Ethereum, if Bitcoin continues to rise, Ethereum may have room to rebound, potentially followed by a surge in altcoins before Bitcoin and Ethereum stall [2] Risk Management - The analyst expresses caution about shorting Bitcoin at the current level, suggesting that a slightly higher entry point might be more favorable due to liquidity concerns [1] - The analyst acknowledges the pressure faced when initial predictions are not immediately met, emphasizing that individual trading plans should be respected [1]