$BTC is currently forming a small downward channel after a short-term breakout from a support box. If it doesn't break back above 116,000 before midnight tonight, long positions should be exited. Since breaking through the previous all-time high of 112,000 on the weekly chart, there has been no pullback. All previous stages have been breakouts and pullbacks to confirm support... and this cycle will be no exception. Currently, market activity is still insufficient to support a large-scale pullback, so try to stick to one direction: short on rallies. Simply place a stop-loss at the secondary high of 121,110. Profits from declines are more substantial than those from increases...
According to my 4-hour chart, after the box breaks, the original support level of 116,200 becomes the resistance level for the B wave of the Elliott Wave retracement. If the rebound doesn't exceed the high of 118,911, the start of the A wave decline, then the C wave decline will continue. Furthermore, if the A wave low of 114,239 fails to hold during the C wave decline, an extended C wave will form, further exacerbating the decline! Keep an eye on the market. If it continues to fall below 114,000, you can continue to short! Don't do anything until it breaks through, and don't do anything until it reaches the resistance level... As long as you can control your hands and endure the loneliness, there will always be a chance to get on board!