After the crash on January 31, market panic continues. Let's analyze the current market situation from different levels:

1. Monthly Level (Appendix 1): The MACD remains in a bullish pattern. The oscillation indicator KDJ shows that Bitcoin on the monthly level is already severely oversold, with the J line reaching -15.27 and showing signs of damping. Meanwhile, the D value has just broken away from the 50 line, now at 44. Generally, when the monthly J reaches -15, the D is often above 20, but currently at 44. Therefore, from the monthly perspective, I believe there is upward momentum supporting the price, and it’s not a sharp decline pattern. The downside is limited, more like oscillation: a process of bottoming, shaking out weak hands, and changing hands of chips.

2. Weekly Level (Appendix 2): The crash on January 31 directly disrupted the previous bullish recovery pattern of the MACD. Yes, to be clear: we are still below the zero axis, and the bears still dominate. Moreover, the crash on the 31st made the process of flipping from bearish to bullish more bumpy, requiring a longer time for recovery and adding uncertainty.

3. Daily Level (Appendix 3): Looking at MACD and KDJ together, the current bullish momentum is too weak. Give it a few days for the market to recover, first see if it can build a bottom around 76,000, then see if it can return to near 90,000, and then hope for MACD to return to the zero axis, bringing new hope to the bulls.

Warm reminder: The market will be quite volatile this month, so it’s recommended not to trade contracts. That’s all for now; I will observe other angles later.