Yesterday, Bitcoin and Ethereum both experienced a rise after a decline: Bitcoin dipped to a low of 112301 before rebounding, reaching a high of 114285 at midnight; Ethereum fell to a low of 4106 before recovering, with an intraday high of 4329. Today's bearish outlook has been fully realized, with the direction established during the live broadcast in the early morning and continuously executed, resulting in a series of successful short positions — the evening rebound had no impact, highlighting the importance of timing and exit strategies.

From the market perspective, the four-hour cycle remains oscillating within the lower Bollinger Band. Although there was a bullish candlestick following a doji, the bullish candlestick has a significant upper shadow, indicating persistent selling pressure above; the bullish rebounds have repeatedly encountered resistance at the middle Bollinger Band, and the previous downward trend has not been reversed, making the rebounds a regular correction. The one-hour cycle is approaching the upper Bollinger Band, but the candlesticks all have long upper shadows, and the bulls have repeatedly tested without breaking through, which indicates insufficient momentum; thus, the midnight operation can consider short positions after a rebound.

Thursday early morning outlook:

- Bitcoin: Short at 114500-115000, target around 113000

- Ethereum: Short at 4380-4400, target 4200#加密市场回调