After waking up, has the sky for the bulls collapsed? The price of Bitcoin actually dropped to around 59,000 again in the early morning, and Ethereum fell to a low of 1,550. The bulls keep trying to buy the dip, only to be crushed wildly, leading to liquidation! Last week, there was a rebound that peaked at 67,200, and the bulls cheered, thinking the bull market was back, believing 100,000 was within reach. At the opening of this week, it spiked to 65,500, undoubtedly giving the bulls a shot of confidence, eager to chase the rise. Goodness, this time we are probing 59,000 again... This wave of shorts was led by Zhong Liang throughout, from the short position initiated at 66,000 last week to adding to the position at the peak of 67,200, allowing a return to 60,000. On Saturday and this Monday, he had the bulls short multiple times at 64,000. The second coin also shorted from the peak position of 1,850 down to look at 1,600, with shorts at 1,820 and 1,750 in between, and yesterday again shorted at the daily high of 1,690. All these are documented daily and shared publicly!

With the market behaving like this, it becomes difficult to operate. The short positions have already secured profits, while the bulls are still licking their wounds. Today, the probability of continuing a major drop is not high; after dipping to 59,000, it rebounded to 61,200, with a rebound of over 2,200 points. Now both longs and shorts will fall into a wait-and-see mode! The drops have been harsh, buying the dip has led to loss; no one dares to go long anymore. The bears have already taken their profits, and with the current position being low, there’s no room to open new short positions. The indicators and market sentiment both need time to recover. So, there’s not much to say about the indicators today; the trend remains bearish, focusing on high shorts primarily, and for the moment, we do not consider taking long positions for speculation. Whether the support at lower levels is effective and can sustain a decent rebound remains to be observed over time. When it comes to shorting, there is only cost-effectiveness with high shorts; the more it drops, the harder it is to short, with limited profit margins for bears and the position being too low, making it easy to get trapped in a rebound, so caution is needed!

The daily Bollinger Bands for Bitcoin show the upper and middle bands flattening, while the lower band, originally pointed upwards, has now flattened and slowed, with indications of starting to open downwards. The price dropped below the lower band support yesterday and quickly recovered. The bullish volume of MACD continues to shrink, and the RSI is turning down; the bearish direction has not changed!

For Bitcoin, the upper resistance to watch is 61,500 and 63,000; try participating in high shorts around here. The lower support to watch is at 60,500, 59,500, and 58,500.

For Ethereum, the upper resistance to focus on is 1,630 and 1,680; try participating in high shorts around here. The lower support to watch is at 1,590, 1,550, and 1,500.

Our investment philosophy is to first ensure the safety of the principal, and only then to seek appreciation on the basis of preserving value. However, the market is ever-changing and unpredictable. This leads to two problems: First, in order to reduce risk, we may not achieve maximum profitability; second, due to the uncertainty of the market, there will inevitably be losses at some stage. Any successful trader must adhere to strict trading principles—do not hold losing positions, do not lock positions! The survival rule in the market is survival of the fittest; no one is destined to be unlucky, but a portion of people will inevitably be eliminated by the market. War does not give soldiers the opportunity to explain; investors will not enjoy preferential treatment just because they are weaker. In the tide of sand, the drowned are cast as gold, and in the whirlwind, the "survivors" are kings.

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