This morning, Bitcoin accelerated its decline to around 92600, followed by a rebound. Such a rebound after the morning opening should be approached with caution, just like yesterday's Asian and European sessions where the market was pushed up, increasing the probability of a trap, especially after yesterday's sharp decline with a big bearish candle. We need to wait for a pullback before getting in. There are two key levels: 95000 and 95800. One is the pressure from the pullback in the early hours of today, and the other is a key level of support and resistance conversion.

Today, my view is to continue to short the rebound; do not chase the shorts. Therefore, after shorting five times from the high down to 93000 yesterday, I also took a long position at 92800 during the rebound without rushing to short after breaking below 93000. This morning, I shorted around 94500 and also at 95000, and I am holding those positions. Yesterday, the market was largely bullish but resulted in a sharp decline, so today it is just the opposite to chase shorts. The ideal range to short is between 94500-95000. It is better not to wait for higher positions; if the rebound is too strong, it will lose the momentum for a decline. Today, the rebound should not exceed 95800 for the downtrend to continue. Therefore, regardless of your short position today, the stop loss is at 95800, and the extreme area to look downwards is in the range of 90000-97000. In short: today Bitcoin still has another downward movement. If the strength is weaker, look at the 92300-91500 area. If it breaks below 91000, it will continue downward to 89800-87500. As for long positions, we will arrange them based on market conditions later, just like the two waves of long positions taken last night and this morning during the rebound.