1.7 Evening Market Speed Read

Bitcoin plummeted from 93700 all the way to 91500 before barely stabilizing. It's now oscillating repeatedly in a narrow range with no real momentum.

Looking at the hourly chart, both the middle and upper Bollinger Bands are continuously declining, with no sign of the slope narrowing—this indicates that bearish power remains far from exhausted. While the lower band is still there, it's merely passive support and can't be counted as real support. Each rally attempt upward feels weak, and even the middle band is turning downward. Bulls currently lack real fighting power.

My assessment is straightforward—don't try to catch a bottom at this level.

Trading Strategy:

For Bitcoin, short between 92800-93800, targeting the 91000-90200 low zone.

For Ethereum, short between 3260-3310, looking at the space below 3150-3100.

The current momentum remains in the bears' hands. Rather than treating short-term rebounds as reversal signals, view them as better entry points. Don't let fear drive you to chase highs; what you really need to watch out for is trading in the opposite direction.

Whether to follow or hold your position is your call. I've said what needs to be said—the market will provide its own answer.