#BTC "Cat Uncle, I hope there will be a rebound tonight," will there be? There will definitely be, because one-sided market trends are relatively rare, unless there is Unfavourable Information or Favourable Information.

In today's market overview, I mentioned that due to the sharp decline in prices during the day, the hourly chart needs to be corrected, and there is a demand for a rebound from a technical perspective; however, the main premise is to eliminate unfavourable information.
And now, in tonight's data, the Unfavourable Information regarding core PCE Michigan University inflation expectations has been fully released. The only focus moving forward is to wait for US stocks to stop falling, or in other words, to wait for US stocks to close.
Currently, the US stock market continues to decline, #Bitcoin continues to follow suit. Once the US stock market stops falling and stabilizes, BTC will inevitably experience a rebound on an hourly basis, but how strong will the rebound be? That is a matter of personal opinion.
In the worst-case scenario, if the S&P falls below 5600 and accelerates downward, the key support levels for BTC are two: one is around 81,800 on the weekly chart, which is considered a valid support, and the other is around 79,500 at the bottom of the daily range.
If the price can drop to the bottom of the daily range, it will most likely be accompanied by a pin bar, and if it does not break below around 76,600, then a valid rebound and stabilization will occur. In that case, the right shoulder of the head and shoulders bottom formation that I was expecting will be considered complete.
However, this theory is still in a hypothetical state, let's first see when the US stock market stops falling!