After recommending a short position yesterday midday, the market experienced a rollercoaster pattern of "sharp decline followed by a weak rebound"; under the dual pressure of macro risk aversion sentiment and over 6.64 billion long positions being liquidated in the derivatives market, Bitcoin once dropped to around 87,000 in the afternoon, while Ether fell below the 2800 level. Subsequently, the market entered an oversold correction phase, with Ether showing relative resilience, rebounding to break through the 2900 level. Currently, the rebound momentum has weakened, both assets have entered a narrow consolidation, with Bitcoin under pressure below 88,300, and overall sentiment still leaning bearish. Overall, the afternoon short positions, together with friends, took satisfactory profits and exited the market. Recognizing the trend and taking profits naturally becomes a matter of course.

From a comprehensive perspective, the current technical structure remains bearish. The 4-hour moving average system for Bitcoin is in a bearish alignment, with prices constrained by all major hourly moving averages. The 89,000-91,200 range constitutes a strong resistance zone. Close attention should be paid to the support levels at 87,000 and 86,800; if these are broken, the price may test the weekly support levels at 85,000 and even 84,400. Although Ether has shown a rebound, it needs to effectively hold above 2920 to ease short-term pressure, with key support at the 2700 level. Given the bearish alignment and the macro uncertainties yet to be digested, the market is likely to maintain a volatile and weak trend. With a focus on the key resistance levels, our main trading strategy remains to short on rebounds after resistance is encountered.

Bitcoin: Short at 88600-89000, target 87000

Ether: Short at 2945-2965, target 2840