If you have a dream, you must persist in defending it. Many people tell you it's impossible simply because they themselves cannot achieve it. Let's accept both the good and the bad, and then silently continue living. Showing off in front of others is a way to learn to forget; feeling melancholy behind closed doors is because we can't learn to disguise ourselves. In fact, we are all just lonely children, yearning for someone to care, longing for someone to love, and hoping that the people around us will never say goodbye.

Let's briefly review the market over the past two days. The market first rebounded again the day before yesterday, rising from a low of around 104,500 to a high of nearly 109,000, providing an upward space of over 4,000 points. However, after completing the upward movement, the market showed a reversal trend yesterday, pulling back from a high of around 103,400. Combining this with the analysis in our previous article, it aligns very well with our judgment of the market. After completing the upward liquidity flow for the bears, it indeed showed a reversal liquidation trend. According to our operations, we positioned ourselves to short above 108,000, and we are still holding after reducing our positions. As mentioned earlier, the liquidation of bears during the rebound occurs above 108,000. After the market liquidates the bear liquidity, a reversal may occur, so we chose to short above 108,000, placing orders above 108,000.

Returning to the market, in terms of liquidity, the reaction over the past two days has basically completed the liquidity liquidation for both bulls and bears in the short term. The accumulated liquidation intensity has significantly decreased. From the current liquidity liquidation chart, new bear liquidity has appeared around 109,600, and above that, the 114,200 position has strong intensity. For the bulls, yesterday's pullback also completed the liquidation of bull intensity, and the current bull liquidity is below the low point, with liquidation intensity still existing around 101,400. It is also important to note that there was a large-scale net outflow in the ETF market yesterday, reflecting a certain level of panic among funds regarding the current market.

On the technical side, the daily level has not shown any significant changes. The moving average system is intertwined, and under the current oversold rebound, the price has not yet risen above the moving average support. In terms of technical indicators, MACD continues to converge within the bear cycle, still indicating the presence of bullish expectations. However, after yesterday's significant pullback, the volume after entering the bull phase at the daily level is worth discussing, while other indicators are mostly at a neutral position.

At the four-hour level, structurally, the four-hour chart has formed a second bottom. For the short-term market, the key question is whether another low point will appear. The current trend is in a rebound after probing the bottom. It is important to note whether it can stand above 106,000, which may be a key point for forming the second bottom structure. In terms of technical indicators, MACD is also converging within the bear cycle, while other indicators are at a neutral position.

In terms of operations, in the short term, we may still lean towards shorting after a rebound, with the position choice being above 106,200. As for going long in the ultra-short term, I personally am not very willing to do so. If we really want to go long, it would be based on yesterday's low point as a defensive operation.

The volatility of Ethereum is still what we have been saying, and it needs to stabilize a bit more recently. For shorting during the rebound, we can consider above 2,600.

【The above analysis and strategies are for reference only. Please bear the risks yourself. The article is subject to review and publication, and market changes in real-time may lead to delays in information, so specific operations should be based on real-time strategies. Feel free to contact us for discussions about the market.】

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