Wednesday was truly a shocking day. The price has been fluctuating between 97500 and 99000. Yesterday's short position around 98000 was partially closed after being replenished once during the afternoon pullback, and the remaining position is still held, with the average price basically pulled down to around 98500. There were also trades during the day, but they were mainly ultra-short-term, with not much difference in long and short positions, only a few hundred points of space. I won't elaborate too much here. Currently, the asset price is still maintaining a high-level consolidation, and the outlook remains bearish as previously mentioned.

Firstly, from a technical perspective, it can be confirmed that the current market is only going through a wave of rebound, not a reversal. The pressure at the 99500-100000 level is very obvious, and the likelihood of breaking through and stabilizing in the short term is low. During the holidays, funds in the market have not been continuously flowing in but rather flowing out. At the same time, from a macro perspective, the conditions for a significant rise are not yet in place; the timing has not yet come. It has only been 5 days since the plunge on the 20th, having completed a major rebound followed by a secondary drop, then rebounding again. The K-line movement is quite standard, but the adjustment time is still insufficient, and the absorption of chips by the market makers and institutions is far from adequate. Additionally, with Christmas approaching, Americans are on holiday, and institutions are also on break, the likelihood of a rally at this time is low. Even if a rally occurs, there will likely be a significant drop of at least 3000-5000 points beforehand. The actual timing for a real start will at least be in the last few days of the month or early January. Therefore, before that, maintaining a short position is still the primary way to participate. Of course, if engaging in ultra-short-term trading, it’s a different story; there’s trading space for both long and short positions at any time, just need to find the right balance.

On Wednesday midnight, continue to refer to the short position at the short-term high of 99500, and look for short opportunities at this level. The short-term target is the intraday low between 97000-97500, with the wave target remaining unchanged at first looking towards 95000, and then 92500. As for Ethereum, there are no changes; continue to look for short positions at the high of the 3500-3550 range, with the short-term target at 3380 and the wave target remaining at 3200.