The early session suggested a bearish outlook as expected. The early session closed with a certain rebound, with BTC reaching a maximum recovery near 122200 before falling back under pressure. The intraday structure showed fluctuations, with a pullback at the 121000 level meeting resistance and rebounding, aiming for a maximum recovery near 122800 before facing pressure again. Currently, it is still consolidating around 122400. Ethereum also followed our expectations, with an early session retracement at the 4500 level facing resistance and falling back, with the target also experiencing a certain pullback. In our intraday live trading strategy, we also placed short orders in line with the trend, capturing over 1000 points in BTC, and short orders for Ether near 4490, taking profits around 4420 for over 70 points. The short-term trading has fully seized the momentum, and there will still be opportunities for short orders in the future rebound.

Looking at the current four-hour chart, the overall market is pulling back to the lower track, which is worth noting for today’s market to show a rebound as a correction after yesterday's deep adjustment. Currently, the price is operating in the middle-lower track range, and the recovery has not further extended to break through the middle track. On the indicators, MACD has shown multiple divergences at high levels and is currently in an adjustment state. The middle track must hold for the short term to focus on adjustments first. Combining it with the one-hour chart, as the large bullish candlestick recovers, the price range has returned to near the upper track. The Bollinger Bands have once again shown a flattening pattern, indicating that there will still be a continuation of oscillating adjustments before sharing later. For the target shape, it is temporarily advisable to maintain high-position short orders for operation.

BTC can be shorted at 122800-123200, look around 121000. ETH can be shorted at 4500-4530, look around 4350. #btc