To be honest, if mainstream coins continue to maintain their current bearish state, the entire crypto landscape will inevitably undergo a complete reshuffle, and a lot of capital has already turned to the US stock market.

Take stocks like SanDisk and Micron for example—whenever the US stock market opens, price movements are clean and crisp, with high trading efficiency and much less manipulation. On the flip side, with Bitcoin and Ethereum, I genuinely hope these two mainstream coins can hold up and stage a strong rally, allowing the market makers to release some liquidity appropriately, instead of constantly harvesting retail investors. They need to give everyone a little taste of profits.

Looking deeper into the recent price action of mainstream coins, combined with the current funding rate, it's clear that the overhead is filled with trapped long positions!!! This batch of trapped longs is not exactly the same as the previous wave that dropped from 2400; it's a separate group of longs that entered during the bounce to 1848 in the earlier phase, chasing the second rebound leg.

Currently, the price is hovering around 1600, which is at most nearly 300 points below the previous rebound high. It's evident that this decline is far from complete. Judging from the recent candlestick patterns, the market makers will not easily let these trapped longs exit. They will inevitably wash out this batch of chase-long positions.

Furthermore, analyzing from various timeframes, the market shows no signs of bottoming or stabilizing. It's highly likely that the price will continue to break below 1500. The long positions trapped above 1800 will probably continue to be liquidated.

Based on the overall market, for intraday swing trading, my core strategy remains to set up short positions on bounces. Last night's Ethereum short at around 1600—just now the price came to 1550—I remind everyone again to take partial profits, keep a base position, and set a break-even stop loss to play.

If the break-even stop is hit, then wait for the price to rebound to the 1660-1675 range before re-entering short positions (the trapped long positions above are unlikely to be bailed out in the short term; catching the bounce short will be more stable). $ETH
If the price first makes a rapid drop, I will update in real time when a suitable long opportunity arises, providing the corresponding entry plan.
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