$BTC Bitcoin price today: Currently, Bitcoin is around 116,700, and the overall structure is still that the previous wave w has ended, and now we are in the x wave's rebound, followed by a y wave decline. It was originally expected that the x wave would just be a small-scale ABC rebound, but the price has remained strong in the upward channel for several days without signs of ending, so there is a high probability that it will continue to oscillate or even reach another high.

If it does not surge high and goes down directly, the existing short position will be a medium-term short position, which can be held directly; if it surges high again, the x-wave may evolve into a larger level ABC rebound, at that time we will increase our position at the top, after finishing the short position we will then take a short-term long position in the direction of the trend, and finally turn back to short to complete the overall complex retracement of the x-wave. Therefore, the focus now is to observe whether it surges high. Regardless of the situation, the overall logic is still to wait for the x-wave to finish before welcoming the y-wave downtrend.

In summary, if Bitcoin reaches a new high, the structure of wave X will become more complex, the medium-term short will change to a short-term short, and the stop-loss will be removed. Another short position will be placed at 118800.