Structure: 1. The rebound from 60k has played out in 3 waves; 2. The drop from the 72k high has unfolded in 5 waves; 3. The current bounce from 65.5k looks like a 3-wave corrective move against the last leg down. To me, this third wave feels pretty weak—if it were an impulse, the third wave should be stronger. So, based on this relatively clear structure: 1. The 60k–72k move has likely completed this round’s rebound, and what follows is a new leg down—expect a sharp Wave 3 drop starting from tonight’s local high; 2. If this assumption is wrong, we’ll just keep chopping sideways. Indicators: 1. 4H MACD has flipped red, but momentum is still super weak; 2. RSI just had a bullish cross, but also lacks strength—both indicators are pretty much in sync with price action, no clear divergences. Moving Averages: 1. Price is currently suppressed by the 4H EMA21; 2. Lower timeframes have already broken above. Levels: Price is consolidating around the 0.382 retracement of the last drop. A break and 4H close above 68,358 (BTC) could open up some bullish potential.