On Monday evening, September 4, 2023, we firmly maintain a bearish outlook. After a rebound in Bitcoin price to around 95,500, the trading volume has shrunk at high levels. The bullish momentum has exhausted and has failed to create new highs. According to the conventional interpretation of this pattern, if BTC price cannot break through the previous high and stabilize, the phenomenon of increased trading volume followed by stagnation may trigger large-scale selling pressure from short-term profit-taking. In this situation, we decisively entered short positions and have already secured over a thousand points with half of our holdings, while the remaining position is still held for further observation!

Currently, after the price pulled back to around 93,700, it rebounded near 94,500. To ensure that the subsequent rise is more sustainable and powerful, the current oscillation adjustment can be viewed as a continuation pattern aimed at repairing overbought technical indicators, digesting locked-in positions and profit-taking selling pressure, while also building up energy for a further breakthrough. However, considering that the current market is in an adjustment phase under pressure and the price is relatively at the high end of the oscillation range, it temporarily does not have the conditions for a direct strong breakout in the short term; the market may need more time to digest the resistance. Based on this, a further pullback adjustment is expected in the short term to release some pressure and optimize the technical pattern, after which a new round of upward movement may start at a more solid support level! Therefore, in the short-term strategy, continue to short at highs and only enter long positions when the key support below is not broken!

On Monday evening, for aggressive traders, Bitcoin's current price around 94,600 can still be lightly shorted, and increase short positions in the rebound area of 95,000 to 95,500! Pay attention to 93,500 and 92,500 below. The pressure for Ethereum is still concentrated around 1,830; in the short term, continue to reference this pressure for a short position first, while paying attention to around 1,730 below, and stop before synchronizing into a long position on Bitcoin!