Many traders have been hardening their bullish thinking due to the recent uptrend, completely not expecting this round of pullback to be so brutal. The market’s ultra-fast reversal has disrupted a lot of people’s trading plans.

The small rebound at midnight for the big cake looks more like a bull-trap and washout move. The rally lacked follow-through and, the moment it turned, it slid into a steep selloff. The drop of 2,000 points directly pushed the price back to the 63,000 level. Even if it later bounced slightly to around 63,500 and then consolidated, it was only weak repair after the drop—it doesn’t count as an effective selloff stop.

The technical signals are very clear. On the hourly timeframe, long upper-wick candles validate that resistance suppression is effective; the bulls can’t mount sustained advances. On the four-hour timeframe, price failed to hold above the Bollinger Band middle rail; the failed rebound confirms that bears are in control. With multiple signals stacking up, there is a strong need for short-term market adjustment. For intraday trading, follow the trend and look to short on rallies, while avoiding the risk of getting trapped from catching a falling knife against the trend.

Trading suggestion: Aggressive traders should short now directly; for conservative traders, short in the 63,800–64,400 area, targeting 62,600–62,000. If it breaks below 61,200 and around 60,000, be on guard. Defense: 65,200.
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