Click to watch the video: https://www.bilibili.com/video/BV15z42117A8/?vd_source=04332ad6ecefd22ffa3d1b9032b40fb3

So in yesterday's video, I mentioned that 71000 is a very crucial level. However, yesterday Bitcoin ultimately fell below 71000. So what will be the mid-term trend of Bitcoin next? We will analyze it later, including Dogecoin.

First, let's take a look at the daily chart of Bitcoin. Why did I say yesterday that 71000 is a very crucial level? Because breaking below 71000 actually indicates that this level might be a trap for the uptrend. If the consolidation in the previous small box is really a struggle between long and short positions, then the attacking bulls cannot break through the resistance area, stay there, or fall back below 71000.

Then let's look at another daily chart. Currently, I have also found two bearish wedge patterns on the daily chart of Bitcoin. And we can observe that yesterday's candlestick formed a bearish engulfing pattern on the daily chart. So where will Bitcoin fall in the short term? We can observe that if this is indeed a bearish wedge pattern, theoretically, the downward target may fall to the starting point of the rise. This position also had a bearish wedge pattern before, and the downward position was very close to the starting point of the rise. We can also see that in January 2024, there was a bearish wedge pattern that also returned to the starting point of the rise.

Including when the bottom was at the 25000 to 26000 low point, there were several bullish wedge patterns, and they all eventually returned to the starting point of the rise. This is how it is at the bottom. The main force continuously uses this kind of bullish wedge pattern or continuously suppresses it to make retail investors hand over their chips. After rising, these starting points of the rise will eventually all be broken through. We can also observe that in June 2023, Bitcoin also formed a bullish wedge pattern and eventually returned to the starting point of the rise.

Or we can look at Bitcoin at the high point of 65000 in 2021. I have helped some fans to escape the peak twice. We can see that there was also a bearish wedge pattern here, and then another bearish wedge pattern, and finally, the low point of the rise was completely broken through.

So we should be more careful now because there has been a bearish engulfing pattern. I now speculate that the upside is a trap. After returning to this box, we should be more careful. Of course, this is only the short-term and mid-term trend.

So yesterday in the video, I also mentioned that since Dogecoin has returned to the upper part of this box, it will definitely break through in the short term. But currently, it is still affected by Bitcoin and has returned to this box.

Otherwise, we can observe that it is near 0.185, which is the high point of this box in March. Currently, we need to see if there will be support at this position, including the current upward trend line. It's best for Dogecoin not to fall below this trend line.

This article is exclusively planned and published by Master Chen (WeChat public account: Coin God Master Chen). If you need to learn more about real-time investment strategies, how to escape, spot contract trading techniques, operation skills, and candlestick knowledge, you can add Master Chen for learning and communication, and follow for free. I hope it can help you find what you want in the currency circle. Focusing on BTC, ETH, and altcoin spot contract trading for many years, there is no 100% method, only 100% going with the trend; daily updates on macro analysis articles across the network, technical indicator analysis of mainstream coins and altcoins, and spot mid-to-long-term replay price prediction videos.

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