Looking back at the overall market situation in the early morning, Bitcoin experienced a slight rebound from a low point, quickly followed by a deeper round of decline. The price dropped like a flood, reaching a low of around 105,704. The long position we set up at midnight only captured part of the rebound, ultimately resulting in a small loss upon exit. Ethereum's trend has basically shown a one-sided downward movement. Although there were rebound trends along the way, they were strongly suppressed by bears, causing the rebound strength to fall far short of expectations.

From the current market situation, there was an initial pullback in the overall market in the early morning, followed by a second downward test. After a slight pullback, the market rebounded higher, and it seemed that the bulls had some continuation, but it was a slow recovery. On the hourly level, the price has been oscillating repeatedly under pressure around the upper and lower Bollinger Bands, and it has not been able to break through the high for a long time, remaining in a range-bound oscillation in the short term. However, from the analysis of various indicators, the structure tends to favor bears. From a technical indicator perspective, Bitcoin's MACD is below the zero line, and the histogram continues to lengthen, indicating that bearish strength is increasing; the RSI is around 40, suggesting that the market is in a weak situation, dominated by bears. Ethereum's KDJ indicator has three lines diverging downward, indicating that the market is in a clear bearish trend; the Bollinger Bands are opening downward, with prices operating near the lower band, further confirming strong bearish strength. In such market conditions, if the rebound does not break the high, one should continue to look for a retracement; if the pullback cannot stop the decline, one should not blindly take long positions, and the overall strategy should focus on high short positions.

Bitcoin: Short around 106,500-107,000, target 105,000, stop loss 108,000; Ethereum: Short around 2,670-2,690, target 2,580, stop loss 2,720.