Afternoon Thoughts:

During yesterday's early trading session, the market exhibited a volatile trend, with relatively mild fluctuations, until the US market opened, at which point significant movements occurred. After the US market opened, the market sharply declined, initiating a considerable downward trend. As of early this morning, the cumulative drop from the intraday high has exceeded 7000 points.

Currently, the overall rebound trend of the market is becoming increasingly weak, primarily due to the continuous outflow of market funds, and there are no significant positive news from the macroeconomic level to provide support. Meanwhile, the intention of the main funds to short is quite evident. From a technical analysis perspective, the large bearish candlestick fully engulfs the bullish candlestick, and it has forcefully broken down through the key support line from above the moving averages, clearly demonstrating the strength of the bearish forces. Looking back at historical market trends, this position has repeatedly played a crucial support role; previously, every time the market approached this area, there would be varying degrees of rebound. Therefore, it is expected that there will be a certain degree of rebound in this area. However, the daily level has consecutively broken through several moving average support levels, clearly indicating that the overall market is in a bearish dominant trend. In this situation, attempting to make long trades carries extremely high risks, as one must endure pressure from the moving average system above and is very likely to face further severe repression from bearish forces.

Operational Strategy:

Wait for BTC to rebound to 96500-97000🈳,

Look down and pay attention to: 95000-93000