It is likely that the bulls woke up this morning to find the sky has fallen; the global markets faced a comprehensive sell-off overnight: stock markets, futures, crude oil, and cryptocurrency all plummeted collectively. Bitcoin showed a crash-like decline, hitting a low of 59800, with a daily drop of as much as 10,000 points, resulting in heavy losses for the bulls.

I mentioned yesterday that "the 60,000 mark is not far away," but the market directly broke below it overnight, with the speed exceeding expectations. This morning, although the market rebounded quickly by about 6,000 points, the violent fluctuations also wiped out a group of short-sellers, once again indicating that the risk of short-term operations is extremely high.

I recommend that short-term traders remain cautious, observing more and acting less. In terms of wave patterns, we maintain the judgment of a downward target looking towards the 50,000 to 48,000 range!

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