Early Morning Thoughts

From the trend structure, the current market is still in the fifth wave of the trend continuation, mainly consolidating with oscillations, and has not yet formed a clear one-sided trend.
On the 2-hour chart, after a pullback, it advanced to the green resistance level and encountered resistance, then fell back. Currently, it is finding short-term support at the horizontal support line and the lower boundary of the structure.
Key points to watch are the 70500 critical level and the gain or loss of the lower boundary of the structure.
• If support stabilizes and rebounds, the first resistance to watch is 72500 (whether the head and shoulders pattern can form needs further verification), with further resistance near 75000 along the upper boundary of the structure. ( If trading long positions, the certainty is moderate, it’s a counter-trend move, but the risk-reward ratio is good. )
Trading Suggestions
If Bitcoin breaks below the 72500 resistance level, you can follow the trend and consider around 72500. If a head and shoulders pattern is confirmed, you can position yourself. When it touches the upper boundary of the structure, consider entering the market.
Near 2240, a position can be taken.