Good evening everyone, I am the new Yao. Today I am just giving a brief update. Yesterday I made several posts urging to focus on the short, reiterating multiple times to treat it as short, emphasizing the two possibilities presented on June 4. If you take a moment to look back, isn't this space just falling into your pocket?

I made it very clear yesterday. Did you refer back to the second and third ideas at the time of 6.4? The drop on June 4 was confirmed, the last two possibilities I mentioned at that time, wasn't the third one saying it would first drop to around 58800 and then rebound to around 61500? Why don’t you take a look at how the market is moving?

Moreover, I may not have expressed my description of Ethereum clearly yesterday. I am looking at the decline, my point is that even if there's fluctuation over the weekend, it won't exceed the previous drop point. The goal is to refresh the lows, and in the subsequent downward process, aren't several rebounds stronger than the decline? Just take some time to settle in the market. Learn to think for yourself.

Let me first say something very important. If you got washed out from the first drop and the market continues to struggle after the drop, then I suggest you don't hesitate and quickly exit the circle. No matter how long you stay, it will only lead to losses.

You might find what I say harsh, but some people have been in the crypto circle for so long, what has been the result? Don’t you have even a little self-awareness? Not to mention being fair to your family, you can't even be fair to yourself. How big is the gap between your expectations and the reality, can you accept it?

The bear market isn’t hard to handle. The further it drops in the cycle, the more attention the market will get, because people will come in at all times trying to catch the bottom, all wanting to replicate cyclical hundredfold gains or bet on a hundredfold turnaround on hot topics. When the last bull market returns, seeing what originally belonged to them taken by those who are just a bit luckier, they will regret it. I don’t want to say much more, I hope some people will be mindful, work hard, and live well. The vast majority in the crypto circle are merely consumables; if you don’t want to be consumables, just settle down properly.

Alright, now let's briefly recap. On the afternoon of June 5, Bitcoin dropped from around 63000, hitting a low of around 59000 at three in the morning today, followed by a rebound that encountered resistance at around 61800, then returned to 59500 to start rebounding, currently having risen to 61000.

Overall, it is a process of dropping and returning. In detail, at eleven o'clock on the evening of June 5, there was a bullish signal here, with a doji candle at around 60700, we can mark this first. This section is the initial resistance from the buying pressure. The subsequent four candlesticks clearly show signs of weakening bearish strength. This only indicates that the market's willingness to short is not strong at this position. It does not indicate a reversal. It only reinforces the rebound signal.

Looking at Bitcoin on the four-hour line, the downward amplitude is getting shallower. Compared to the decline of Ethereum, Bitcoin is completely lagging behind; the market may rebound for a bit then decline again, or it may continually rebound amid fluctuations. The slowing downward amplitude of Bitcoin is due to funds flowing from altcoins into Bitcoin; the higher Bitcoin's proportion, the stronger the cyclical short signal. The closer it gets to the low, those with 2x, 3x leverage who bought at the peak during the cycle will be liquidated. Do you think they will let their positions go unmanaged? No, they will definitely call on funds to enter the circle and support their positions, causing deceptive signals of strengthened buying pressure in the market.

Focus on the key levels above: 61800, 62800, 63800
Focus on the levels below: 60500, 59500, 58500
For Ethereum, focus on the above levels: 1580, 1620, 1660
Below: 1550, 1530, 1510

These are the reasonable ranges for fluctuations. Personally, I feel it will lean towards fluctuation. The closer it gets to the upper levels, the short positions can be appropriately increased; market sentiment and dynamics are uncontrollable, watch the market and follow the sentiment, and plan your stop-loss for your positions yourself. Finally, plan your position-to-leverage ratio well; entering at any position is fine as long as the average price advantage is maintained in the current phase of the market.

When Ethereum dropped to 1500, the bullish positions entered around 2000 with four times leverage were all liquidated. And the lower the leverage above as it declines will suffer even more liquidations. The final flow will only return to normal after a burst liquidation of a ‘Heaven and Earth needle’ appears in the market. There’s a Heaven and Earth needle every year, and this year’s hasn’t appeared yet; when it happens, the market suitable for retail investors will arrive. Currently, as long as there is no strong news or policy stimulus, it is very difficult to reverse.

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