Youth is a city, raising a group of happy beings that can run. We take our wandering steps to chase dreams, making a child's dream in a place far from home. Time has aged, one grows up, and youth fades in color. The city ignites a neon light covered with smiles, decorating a splendid beginning!

I just want to say one thing: one misstep leads to more missteps. First, I admit that yesterday my thinking indeed fell into a wrong mindset, which led to a failure to adjust in time. As a result, during this strong upward trend, I ended up reversing my position, which is quite frustrating. Yesterday, we first reached a new high, but this new high gave us a wrong judgment. The new high only refreshed by a little over a hundred points, and the spot premium rate kept declining, leading to a judgment that the market might not be too strong. We hoped for a pullback to confirm support before an upward trend, but due to the decline in the premium rate, we believed that the buying power in the spot market was insufficient, and the market should adjust before the next trend. However, the actual market only pulled back to 110500, which is quite a distance from our expected support at 109700, which is regrettable. Additionally, going short at the top ultimately resulted in a stop-loss exit, successfully reversing my position in this upward trend.

Returning to the current market, from a liquidity perspective, there was a strong surge in the early morning, directly clearing out the liquidity of various low-leverage shorts from earlier. It seems this surge mainly targeted the low-leverage short positions of large holders. Currently, there is not a large accumulation of short liquidity above. If there is no re-accumulation of short liquidity, the continuous upward trend should pause. Meanwhile, the bullish liquidity below has a significant amount of short liquidation intensity around 111500. Therefore, the next market movement will depend on the shorts' choices. If the shorts start to hesitate and are unwilling to continue shorting, then the insufficient short liquidity above could lead to price fluctuations and corrections, possibly even triggering a downward liquidation of longs due to sudden negative market news. If the shorts continue to hold, the market may take some time to accumulate, and if shorts gather again in large numbers, then the bulls could push back to consume that liquidity, leading to a new upward trend.

From a technical perspective, the daily chart closed with a bullish candle, and with today's surge, the market performance is very strong. Currently, all moving averages on the daily chart are turning upwards. The market is consistently making new highs, but it is still uncertain where it might face resistance. However, on the technical indicators, the RSI has started to enter the overbought high zone, so it is better to watch for small-level candles forming at high positions, looking for signs of a pullback before seeing if it can reflect in the larger-level indicator corrections.

There’s not much to say about the four-hour chart; it’s an upward trend, and the indicators are distorted, providing little reference. Additionally, with the continuous new highs, the market is heavily influenced by emotional factors, making short-term operations very difficult today. Moreover, many friends might have been caught in short positions, and there have been questions about whether to short and where to do so. Let me clarify: if you want to engage in ultra-short-term operations, you can try to go long or short with a small position and a tight stop-loss; that’s fine. If you don’t like stop-losses and prefer to hold positions, then in this situation, you should wait for the short trend to develop. The 120,000 mark may not be broken through in one go. If it reaches above 119,000, it’s still possible to consider a short position on Bitcoin’s pullback. I know the shorts must be anxious, but there’s no need to rush.

As for going long, I understand that some people are chasing the market, but not many, and most are holding small positions and reducing their holdings. Now, those who are looking to chase long positions are certainly hesitant. Congratulations to those holding low-position longs; you’re able to profit now, and I envy you, but unfortunately, I’m not in that position. It’s a bit frustrating.

Regarding Ethereum, given yesterday's situation, I didn’t plan to short. I’ve analyzed many times that once Bitcoin reaches a new high, I still fear the doomsday scenario for Ethereum, as I’ve experienced it before. If Ethereum operates in the future, I hope Bitcoin’s pullback can bring Ethereum down, providing an opportunity to go long. Tomorrow is the weekend, so for the next two days, it would be good to engage in ultra-short-term operations based on real-time market conditions.

【The above analysis and strategies are for reference only. Please bear the risks yourself. The article is subject to review and publication, and market conditions change in real-time. The information may be outdated, and specific operations should follow real-time strategies. Feel free to contact me for market discussions.】

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