BTC technical analysis, understandable to the general public

1. Daily situation: Yesterday, BTC formed a small bullish candle on the daily chart, but the volume was much lower than the previous day, almost halved. This needs to be taken care of, as the price may change direction in the short term. Although the price has increased slightly, breaking above the downtrend line and reaching the Fibonacci 0.618 reversal level, the magnitude of the candlestick rise and the volume are not strong enough.
2. Judging the future trend: If there is no strong bullish candlestick next, and the trading volume does not increase accordingly, the short-term market has already formed a V-shaped structure, coupled with the KD indicator once again reaching the overbought state, this corrective market is almost coming to an end.
3. 1-hour chart situation: On the 1-hour chart, yesterday's price slowly oscillated upwards, forming a wedge shape. Generally, when this wedge shape appears, it often indicates that the price may fall later.
Wave structure analysis: In terms of the wave structure, before this price increase, there was not sufficient adjustment. Now it feels like the high point of wave 3 has been reached, so we need to be careful of a wave 4 retracement. Even if the price can still rise afterwards, the more ideal scenario is to have a wave 4 retracement first, to test the support below, such as the support coinciding with the Fibonacci 0.5 level and the rising trend line.
5. Cycle resonance situation: From the perspective of cycle resonance, the KD indicators on the 1-hour chart and the 4-hour chart are both in the overbought zone, and the KD indicator on the 4-hour chart even shows a dull overbought situation. From a technical perspective, there is a need for a pullback.

Overall, the short-term rebound of BTC is almost coming to an end. We can focus on the key resistance level. If it reaches the resistance level, we can consider setting up short positions and engage in a round of pullback trading.