On a down day, today is once again a day of consolidation and pullback! Bitcoin and Ethereum provided a spike upwards at 8:30 PM, but it was not significant and did not affect the trend change. Instead, it provided a better entry opportunity, and the pace of the weak downward trend continues. Our intraday bearish arrangement sees Bitcoin targeting a 4000-point space, while Ethereum has a 200-point space—it's simply too easy. Indeed, in a trending market, as long as you find the right direction, you can take profits. Any rebound is just preparation for the next pullback, and this rhythm tests human psychology the most. People always think that after a pullback it should rise, but the result is often the opposite—one must realize this themselves!

From an overall structural perspective, the market is still in a wave-like pullback channel. I have already explained clearly this morning that the decline has just begun, so do not easily call a bottom. This continuous bearish pullback shows strong momentum, with the four-hour chart breaking the middle track without any pause. Therefore, there is no resistance at the intermediate nodes, and one can continue to short after the midnight rebound.

Bitcoin is short around 109300-109600 at midnight, targeting 107000.

Ethereum is short around 4360-4380 at midnight, targeting 4200$BTC .