The overnight market witnessed a round of one-way upside rally. At this stage, prices are consolidating and ranging in a high-level area. The concentrated long-side momentum is gradually running out, and prices repeatedly grapple with the resistance level, intensifying the long-versus-short game. The market is about to face a short-term directional decision.

This rapid surge has already used up a large amount of incremental buy-side demand. Slow price action on the board combined with technical indicator divergences indicates that upward driving force continues to weaken. There is also a risk of bull traps at high levels. If the price cannot hold above a key resistance level, the probability of a phased pullback will keep rising. The next rebound’s pressure zones will be a prudent time to set up shorts.

Go short on “big pancake” (BTC) rebound around 65,000-65,500, targeting 64,000-63,000-62,000

Go short on “Ether” (ETH) rebound around 1,870-1,900, targeting 1,810-1,760-1,710$BTC $ETH