Fluctuating, with neither bulls nor bears showing sustained strength. Bitcoin's midnight market hit a bottom and rebounded, rising about 1500 points, peaking around 111742, and then hovering under pressure around 110812, with no breakthrough sentiment. Ethereum remained relatively stable at midnight; the bulls may have already exhausted themselves last night, continuously adjusting around 4330. The overall pace of the market has slowed down, and there hasn't been a unidirectional continuation. This is actually quite good; sharp declines bring no benefits, while slow declines can wear down the bullish momentum. Today, we continue to look bearish.

From the overall structure, the market has seen consecutive downward retracements. The four-hour Bollinger Bands have been moving downwards without any obstacles. The bears are clearly gaining strength, and previous resistance was broken under yesterday's spike. This rhythm indicates a need for a correction; however, the market is currently adjusting at the bottom, with a short-term demand for a rebound. We use the hourly level as the standard for arrangements; the downward channel is clear, and we will wait for a rebound near the middle track to short again. $ETH

Bitcoin: Short positions in the range of 111300-111800, targeting around 109000.

Ethereum: Short positions in the range of 4370-4400, targeting around 4200. #Strategy增持比特币 $BTC