Starting this week, Yang Jie has repeatedly mentioned high-altitude operations. Each rebound is a good opportunity for us to go short, and we remain firm in this approach, not being washed out by short-term rebound corrections. The recent market rhythm has also been relatively regular, with upward movements during the day and declines in the evening and midnight forming a cycle. After the futures contract touched the high point of 112897, it faced pressure and dropped all the way down to 108559 in the morning, refreshing recent lows. In the midnight layout, a short position in Ethereum was entered at 4632 and exited at 4369, netting 238 points. In the morning, another short position in Bitcoin was entered at 110468 and exited at 108831 in the early hours, netting 1640 points.

Currently, Bitcoin shows a "three consecutive declines" pattern on the daily chart, with prices continuously operating below the middle track, exhibiting significant weakness. From the market sentiment perspective, bullish confidence is insufficient, and participation is sluggish with bearish forces gradually taking dominance, likely initiating a new round of adjustment cycles. Looking back at recent trends, after several days of intense contest and range fluctuations between bulls and bears, there was no effective rebound, ultimately returning to a downward trajectory, further strengthening the bearish trend on the daily level. In the short-term dimension, the current weak pattern has been clarified, and it is difficult to have a rapid reversal in a weak state. Even if a technical rebound occurs in the short term, it is unlikely to change the overall rhythm dominated by bears, and the rebound is more likely to be seen as a high-altitude opportunity. Future operational advice: the core strategy is to short on highs, aligning with the daily bearish trend, patiently waiting for prices to further decline, and avoiding blind bottom-fishing or chasing highs.

Bitcoin: Short position layout in the range of 110500-111000, targeting around 108000.

Ethereum: Short position layout in the range of 4430-4460, targeting around 4300#加密市场回调 $SOL .