Why did I not only open a short hedging position this morning, but also cut my losses on all the smaller cryptocurrencies I bought at the bottom? https://(x.com)/Jiangzhuoer2/status/2121843742554587183 Because there's a very unfavorable factor: In the past year, every 30% drop has been accompanied by high volume at the daily chart bottom (one or more daily charts). But this round has already dropped 29.1%, a flat decline with no rebound, resembling the momentum of the 312 crash, yet there's still no high volume on the daily chart. This indicates that panic selling hasn't subsided, and there's still one final sell-off. If it can break 62k even without this final sell-off, then a break below 60k is highly probable after the final panic selling. That would already break the falsification condition I mentioned in yesterday's article: VAL (30% volume) at 61576. Of course, I'm not saying it will definitely break the previous low of 57.8k, but it's highly likely that this round of decline isn't over yet. The current rebound will likely peak at 66k (at most 67.5k), and then a new round of decline will begin, aiming to break below 60k. This decline can only end when the final panic selling is triggered, and then the market will continue to trade sideways.