How smooth this wave of market rally has been, and the decline is just as decisive. The problem is that it has never touched an effective support zone, which requires a high level of judgment.

Bitcoin experienced quite a few oversold situations this morning. I placed a long position near Ethereum 3090, basically following the trend of Bitcoin.

Looking at the 4-hour chart: Although the recent decline was quite sharp, it has now rebounded, indicating that buying interest is still there, and the bears haven't completely subdued the bulls. In my opinion, as long as the 4-hour candle closes above 904, we cannot declare the bulls are finished.

The resistance levels upward are sequentially at: 908, 915, 925, 938. If the price hits a local top at these points, I will consider taking partial profits. But if it breaks through smoothly, from a higher timeframe perspective, the pattern of higher lows remains, and there’s a chance to push for a new high. The current main target is around 976.

Actually, for the bulls, a high-level pullback that touches support is a sign of strength. Even if it continues to decline afterward, it won't crash all at once.

Let's keep observing how it develops.