1.8 Morning Thoughts

Yesterday's market was largely dominated by bears. In the morning, Bitcoin peaked at around 102762 before entering a phase of volatility and pullback. In the evening, a strong waterfall drop occurred, with Bitcoin touching a low of 96153. Ethereum also experienced volatility after touching the 3700 level in the morning, with further declines in the evening and midnight resulting in strong continuation; currently, Ethereum has reached a low of 3353.

From the current market perspective, the intraday decline has engulfed yesterday's gains, and the K-line has formed a door pattern. However, since the daily chart has risen for a week, a one-sided trend is not sustainable, and this pullback does not indicate a reversal.

In the short-term 4-hour chart, after a significant drop, there is a continuation of downward movement, followed by a rebound at the support level around 96100. Although the weak pattern is evident, the current price is low, and chasing shorts is not very rational; the main idea is still to look for long positions on pullbacks!

Bitcoin: Long near 96000-96500, target around 98000

Ethereum: Long near 3350-3370, target around 3460

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