Last night's crash was indeed deep, fierce, and ruthless, and there is no doubt that long positions were stopped out. According to statistical data, over 195,500 people were liquidated in the past 24 hours, with long positions losing $550 million, while short positions only lost $59.25 million, making it a targeted massacre against long positions!\n\nIn the face of such a crash, all candlestick charts and analyses seem powerless; all one can say is, condolences to the bulls. If it were spot trading, there would indeed be no panic. Each crash allows you to buy at a lower cost, but in the case of contracts, one must control their position well. It's possible to stop loss, but one must not be completely liquidated. From the liquidation chart, it's clear that the bulls have been largely cleaned out. It is said that in a bull market, the longs often get fooled before a sharp rise, constantly whipped and cleaned out, but if this continues, retail investors will have all been washed out; who else will participate?\n\nThe defense for Bitcoin long positions is at 96,000; this is the last defense and stubbornness, while Ethereum longs have stopped out. At this time, there aren't many opinions on the market; it is likely to consolidate and fluctuate during the day, and then things will happen again when the US stock market opens in the evening. US stocks are down, gold is down, the A-shares are down, Bitcoin is down, and Ethereum is down—each one is like a living dead! #市场调整策略