The market's recent pullback has been both sudden and intense. From last week's 88000 to 93000, the bearish outlook has indeed paid off. BTC has dipped from its high, and ETH has fallen from over 2900 to around 2740 now. The market opened low on Monday and continued to decline, and many positions that previously chased the price are likely unable to hold on.

The day trading chart provided short positions at 86700 and 86500 for the evening, and the trend basically met expectations. Now BTC is oscillating around the 84880 level, and the daily K-line has noticeably narrowed. The upper and middle bands of the Bollinger Bands are both moving downwards. Last week's rebound was entirely suppressed by the middle band, and today’s large bearish candle has completely swallowed last week's gains. I wonder what those who shouted to buy the dip at 90,000 and claimed it would surge to 100,000 are thinking now. Those who tried to catch the bottom must have experienced what it means to be "caught while catching the bottom," right?

That said, although the bearish trend is very clear, caution is needed when chasing short positions now. The space at the lower band of the Bollinger Bands is getting narrower, and there is no obvious downward opening yet. Being too aggressive at this time can easily lead to being trapped in short-term positions. Looking at the 4-hour level, the Bollinger Bands are widely opened, and the price is continuously declining along the lower band. The bearish MACD momentum is consistently increasing, and both KDJ and RSI are oscillating downward.

In terms of operational strategy, the focus during the midnight period is still primarily on shorting at highs. The resistance for BTC is initially at 86200 and 88000, and further up is the strong resistance at the round number of 90000; the support below focuses on the positions of 84000, 82000, and 80000. It is highly likely that this week will test the 80000 level.

ETH is struggling a bit more around 2740. The lower band of the daily Keltner channel has less space, and the KDJ lines are converging to form a bearish cross diverging downwards. The strategy remains the same for shorting, there’s not much to say about that. Resistance above is at 2780 and 2850, and if it goes higher, it will reach the 3000 integer level; support below to watch is at 2720, 2680, and 2600.

The most miserable part is watching the liquidation data—over 260,000 people have been liquidated in the past 24 hours, with long positions liquidated totaling 870 million USD; in the past 12 hours, long positions were liquidated for 330 million, and in the past 8 hours, 160 million, and even in the past hour, there were 8.93 million USD of long positions liquidated. This market sometimes really proves the saying: good advice is hard to give to the doomed. When it should have been shorting, it insisted on catching falling knives, and the result is like this. The market does not believe in tears; it only recognizes trends and technical analysis. Everyone still needs to manage their positions well and not blindly try to catch the bottom.