On the weekend, I said we’ve still got time on our hands—dare you?

According to the latest reports, because the United States has violated the ceasefire agreement and has not lifted the blockade on Iranian vessels and ports, shipping through the Strait of Hormuz has once again come to a standstill—this is the rhythm of a major bearish catalyst. The U.S. stock market is closed for the past two days; when it opens tomorrow, it’s likely to plunge again. Yesterday I told everyone to keep their short positions—are they still being held and not moved? Those who need to get out of their shorts, get out; those who are already in profit, take the profits.

On Friday, after Bitcoin surged to 78,200, it has already pulled back by 3,000 points, and there are still no signs it has stopped. I mentioned a long time ago that a grind-down is the trend, while a sharp drop is just a shakeout. This move will most likely give back all of last week’s gains. My initial expectation is that support below is first to be seen at 73,800. Only if it breaks below the prior range resistance around 73,000 can we confirm that the continuation is in place.

Taking the same bearish approach for Ethereum and shorting: the current price is consolidating around 2,330, and it’s still weak. Over these two days, there’s basically been no decent rebound strength. First, watch whether tonight’s 2,300 can be broken through. If it breaks down, then follow through and look toward 2,200. If this rebound ends up being the last false breakout, then afterward it will go to below this year’s historical low—under 1,800.

Both Bitcoin and Ethereum can be shorted with light positions—leave room to add. Keep spare capacity to add. Targets are down around 73,500/2200.

Don’t be bullish just because it goes up; don’t be bearish just because it falls. Combine the news with your own independent thinking and judgment. That’s all I have to say. Wishing everyone a happy weekend! #GatePreIPOs首发SpaceX