Midday Market Update

As anticipated in our morning analysis, the price rebounded to around 71,600 but faced resistance and pulled back, further confirming the validity of the upper resistance level. Our short positions entered near 71,500 have successfully gained nearly 800 points. Currently, the price is fluctuating around 70,600, and we maintain full control over the bearish momentum.

From a technical standpoint, the rebound lacks strength, and the long upper shadow formed at 71,600 is a typical trap signal, indicating that bullish momentum is exhausted and that there is heavy pressure from trapped longs. The current price is approaching the critical psychological level of 70,000. On the 4-hour chart, the moving averages are in a bearish alignment, the MACD has crossed downward, and the technical pattern clearly shows a continuation of the downtrend, with the bearish trend still intact.

Operationally, we continue to adhere to the core strategy of trend-following short positions, strictly avoiding blind bottom-fishing. The market is in a phase of bearish dominance and downtrend continuation, and any rebound with low volume is an opportunity to establish short positions. #Gate13周年全球庆典