While the market has been quite frantic, the overall pace remains in line with expectations. As I mentioned in my morning update, the only option left is to short if the support breaks below. Short-term, we saw a pullback after this morning's update. Bitcoin was directly shorted near 114,000, gaining over 1,000 points in less than a few hours. Ethereum was directly shorted near 4,150, gaining 100 points. This is the charm of a unilateral trend. Judging by the current technical structure, the overall bearish momentum is strong, and there's no sign of a rebound in the short term. Therefore, it's likely that the market is trading sideways for space. As I said before, a strong trend won't trigger a pullback, and a pullback won't be strong. Short positions will continue to be followed up in the short term, and this kind of unilateral, direct and aggressive follow-up will make shorting meaningless if there are too many rebounds. Just don't fight it.

Structurally, the market remains in a volatile downward trend. The magnitude and strength of this pullback can no longer be considered a correction, but rather a continuation after testing the lower lows. While volume is strong, the pressure is clear, with the daily chart showing a direct breakout. From a structural perspective, there's still room for correction below the current level. It remains to be seen where it stabilizes. The potential for a pullback at this level could be significant or minor, depending on the market's shifting patterns. Whether it's a strong recovery from the dip or a shift to a downward trend is a key consideration. The pullback from the highs within the short-term cycle is weak. At the beginning of the week, short-term traders should be shorting the market and anticipating a pullback. If the market continues to strengthen, then follow up with a swing long position.

On Wednesday morning, short-term Bitcoin shorts should focus on 113,000-113,500, with a target around 112,000. For Ether, focus on 4100-4130, with a target around 4000. $BTC