The wave this morning, retracing slightly from 70200 to 69600, appears more like a technical correction after breaking through a key psychological level. From the candlestick pattern, a large bullish candle followed by a small bearish candle on the daily chart indicates a healthy upward continuation; meanwhile, on the 4-hour chart, the consecutive small bearish candles are gradually shortening, suggesting that the bearish momentum is waning. The current price is right at the upper end of the previous high-volume trading zone, coinciding with the 4-hour MA5 moving average, forming a short-term effective support. As long as it does not fall below the early morning low of 69400, the stepwise upward structure remains intact.

From the technical indicators perspective, the MACD lines on the 4-hour chart are still running high above the zero line. Although the bullish volume bars have shortened, they have not formed a death cross, which is a normal pause during an uptrend. The KDJ indicator is turning downward near the overbought zone; a bullish crossover above the 50 midline often signals the start of a new rally. This combination of technical indicators suggests that the current market is merely digesting resistance levels, not reversing the trend.

Overall, the stepwise decline shown on the hourly chart has not broken the previous wave's starting point, maintaining a pattern of higher highs and higher lows. This slow decline typically indicates a depletion of bearish momentum, with buying support below still holding up. Therefore, the current pullback around 69600 should be the first test after breaking through 70000. As long as it does not accelerate below 69400, a short-term correction may be ending, and bulls could retest 70000 or even higher levels. #Gate广场发帖领五万美金红包 $BTC