In simple terms, currently there is no problem with following the trend to trade long positions, but the concern is about larger pullbacks. The number of long and short positions is higher than the displayed data, and most people are still chasing short positions. If these short sellers hit their stop-loss or are forcefully liquidated, it will turn into market buy orders for long positions, leading more people to mistakenly believe that Bitcoin will continue to rise.

My view:

1. Short-term trend-following long positions are fine, but should be done with small positions or leverage.

2. Chasing long positions at high levels is extremely risky because this is not a healthy structure.

3. For specific shorting prices, I will wait for a new structure to appear, after all, after making new highs, there is no way to reference the old framework.