It's also a bit unfortunate because my tradingview is faulty. So I haven't used tradingview for technical analysis for quite a while. Today, I borrowed my friend's machine to check it out and was shocked 😂😂😂

If I had borrowed it earlier, I could have confidently asserted the downtrend for a long time. $BTC and top coins all follow a pin candle pattern and are hanging in the 3M and 6M frames. The total chart of 1 - 2 - 3 candles in 12M also reflects a downtrend. 🤷🤷🤷

Since I don't have tradingview to use, I did technical analysis according to the monthly and weekly frames at the end of last month, concluding that this month or next month there will be a retracement wave. But in reality, if I could use tradingview to check, for the 3M and 6M frames, I would definitely know that the retracement wave cannot occur this month 😖😖😖

The retracement wave for the entire market will begin next month, which is also the starting point of a new 3M, 6M, and 12M candle. This retracement will happen very quickly; I think it will last until the beginning of March at most. After that, there will be a stronger downtrend. Many coins will die, even top coins.

On the other hand, there's a more optimistic scenario. That is, from now until the end of this month, all top coins will $BTC go to test the long-term bottom. Next month, there will be a slight price decrease again to test the bottom area and stabilize the bottom. After that, from mid-February onwards, a new price increase cycle will begin. However, the probability of this scenario is really not high. Because the fact that $BTC runs back to have a long-term bottom in just a few months is really not very reasonable, as it usually takes a downtrend of a year to establish a bottom.

Conclusion: I really think that during this downtrend season, the cleansing of coins will occur violently. Even many top coins will die.