Charlie Munger once likened his investment wisdom to fishing. The first rule of fishing is to fish where the fish are. The second rule of fishing is to remember the first rule. So, whether we scoop in the long positions pond or fish in the short positions pond, finding the right pond is paramount. This morning, Bitcoin fell into a technical pullback, with the lowest pullback reaching around 86900. The thought process has already made expectations; if the price breaks above 92000 and holds above, it will continue to be bullish; otherwise, we can try to short positions for hedging. Everything has been mentioned in our thought process, so there was no hesitation this morning in giving a strategy for the pullback long positions. We also did this in practical terms, but during the morning's decline, there were some unfortunate losses for the shorts. However, subsequently, we followed the trend and shorted again, recovering the previous losses, and the short positions perfectly captured over 2000 points, while Ethereum followed the trend and also captured a space of 105 points. Overall, it still aligns with our expectations; if the direction is wrong, we adjust promptly, instead of stubbornly holding on.

In terms of the current trend, Bitcoin has formed a short-term top adjustment and has once again fallen below previous support. The bearish rhythm of the small cycle is what we repeatedly emphasized yesterday. In the strong bearish market, what we fear is a significant rebound; if the rebound space becomes too large, it will be difficult to make new lows afterward. However, the sentiment of resistance from long positions is not strong. Continuous new lows are a signal of a bearish trend. The process of finding the bottom accompanied by upward adjustments has become the norm. In terms of various levels of structure, there has been no occurrence of consecutive rising days; each rebound can be quickly suppressed by short positions. Therefore, it is not possible to talk about a trend reversal in the short term, so the bearish trend remains unchanged, and following the trend will still be the main rhythm moving forward. During the day, we will continue to rebound and short, paying attention to the intensity of the rebounds in the context of increasing volatility. Today, the main direction is to rebound and short.

Operation suggestions:
Operational suggestions: On Monday afternoon, Bitcoin's rebound at 87500-88000 can be short positions, with a target focus on 85500.
Short positions can be taken near Ethereum 2875-2900, with the initial target focusing on 2750.