Review: From 122,000 All the Way Bearish to Below 100,000

Starting from October 10, when the price was around 122,000, I indicated that this was the top range and clearly set a bearish target: 105,000–110,000.

Ultimately, the market dropped to the 100,003 line, with the target accurately reached.

Then on October 14, Bitcoin rebounded to around 115,000, and we indicated that this was again a position to lay out shorts.
Subsequently, on the 27th, a second probe occurred, and I also provided a hint, with the target continuing to look towards below 100,000, which was successfully completed.

Entering this month, on November 10, when the price was around 100,006, we continued to set a bearish target: looking towards 94,000.

The reminders of high points and low targets during these stages have all been clearly stated.

Throughout this entire segment, there have been many opportunities to lay out long shorts.
From 122,000 all the way down to the current 87,000, there has already been a space of several thousand points.
If you have been following the structural analysis in the articles, I believe most friends have managed to hold onto their positions.

Recently, I have repeatedly emphasized one thing:

This is a structural bearish market; you can only look bearish in line with the trend. Do not subjectively go long just because you feel "it has dropped enough."

Any rebound, as long as it does not break through the key structure, can only be seen as a short covering, not a reversal.

Back to the Structure, 1-Hour Level

The structure of this segment is very simple:

The structure is bearish, and complex analysis is not needed.
Do not get caught up in too many on-chain indicators, news, various systems, or patterns; the more complex it is, the less meaningful it often becomes.

Remember one thing about trending markets:

A bearish structure means looking for high positions to short after a rebound.

The previous few V-shaped rebounds did not form reversals.
Each rebound did not break through the key high points.
If the low points are broken, it indicates the continuation of the bearish trend.
In a new round of rebounds, as long as the structure does not change, high positions can still be used to lay out short positions.

The overall logic is very consistent with previous movements:
V rebound → second probe → low point broken → bearish continuation.

If a small rebound occurs at the current position, still prioritize considering high positions to short.

Long-Term Target Still at: 70,000–50,000

The major cycle resistance for Bitcoin is at 124,000.
We are entering a major cycle correction.
The spot buying zone is at 70,000–50,000.

From 124,000 down to the current 87,000, most of the space has already been completed.
We are only a little over 10,000 points away from 70,000, and the long-term target remains unchanged.

Ethereum Structure Also Bearish

Ethereum has dropped from 3,000 to 2,800, and the movement is consistent with expectations:

The structure is bearish.

There has been no daily level rebound.
The overall focus has shifted downwards.
Any rebound is an opportunity to short at high positions.

The bearish structure remains effective.

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