The MACD shows a clear top divergence, with the fast and slow lines having turned downwards. The green bars below the zero line are gradually enlarging, and bearish momentum is continuously accumulating. On the 4-hour chart, the bearish signal is more evident, with consecutive green bars deepening, and the overall structure has firmly taken on a bearish trend, with the market rhythm firmly controlled by the bears.

Looking at the hourly chart, last night the price briefly broke through the lower Bollinger Band. Although there has been a slight rebound now, from a multi-timeframe perspective, the rebound seems more like an opportunity to 'charge' the bears. There are layers of pressure above; do not guess the bottom easily, as it will be difficult to see a clear reversal signal in the short term.

Operational strategy suggestions:

For Bitcoin, consider gradually laying out short positions if there is a rebound up to the 118500~119000 range, targeting around 117500, with a stop-loss set above 119300.

For Ethereum, the 3880~3900 area remains a strong resistance level. If it reaches that level, it is still suitable to short on the rise, targeting the 3770 line, with a stop-loss set above 3920.

Currently, the overall market rhythm is becoming cautious, and trading volume is shrinking. This type of volume decline indicates that funds are leaning towards a wait-and-see attitude in the short term, rather than panic selling, making it easier to see a 'slow decline' market. For the bulls to reorganize a decent counterattack, they need to first stabilize around the short-term moving averages. This current rebound can only be regarded as a technical correction, with the main direction still leaning bearish; do not act rashly. #BTC