Recently, the overall structure of the second pancake remains bearish. Although there was a stage-by-stage rebound during the session, judging from the price action structure, it has not formed an effective breakout. Instead, it continues to be pressured and pulls back at key resistance levels, and there is no obvious capital returning; bullish momentum is clearly insufficient.

On the technical side, the earlier decline structure is complete. This rebound is more like weak repair within the downtrend process, and it has not changed the overall downward pattern.

The price has repeatedly tested the resistance above but failed to hold, indicating that sell pressure is still relatively heavy. The strength of bullish support is limited, and the market overall still remains in a bear-dominated phase.

In terms of trading, continue to maintain a bearish outlook. Do not blindly bottom-fish, and do not treat the rebound as a reversal. Build short positions in batches based on resistance levels, set stop-losses strictly, and patiently wait for the price to test the support below.

Evening strategy

For the second pancake, place short positions around 2350-2380. Target a move down to 2300-2250; if that level breaks, continue to look for 2200.
$BTC $ETH