Happy weekend everyone! Another week is coming to an end soon. I believe those who have been paying attention during the week have gained something, especially at the tail end of this trend. Bitcoin has started to pull back around 91,000 to 93,000, and Ethereum has started to pull back around 3,000 to 3,100. The market has drawn a beautiful curve as expected, perfectly aligning with the thought process.

Here, everyone should remember the viewpoint proposed by Li Mu this round: Bitcoin at 80,600 and Ethereum at 2,620 clearly indicate a mid-level bottom. Bitcoin at 91,000 and Ethereum at 3,100 mark the end of this mid-level upward movement.

However, with the recovery of the macro market, the market sentiment has begun to shift. The previously extremely greedy index of 14 has turned to a slightly neutral 28. The bottom-fishing behavior of whales and market makers also supports the idea of a change in market direction. Therefore, for the future market, we should not be overly obsessed with betting on a certain direction, but rather respond more cautiously to changes in resistance and support.

For now, we can be assured that even if the bull market returns, the short-term still needs to undergo a pullback adjustment. The pullback from Bitcoin at 91,000 and Ethereum at 3,100 can still continue downward, with the initial target looking at the hourly support level of 89,000 to 88,300. Pay attention to the key level around 86,600; if it holds, there is still a possibility for bullish continuation. Conversely, we look towards a second test on the daily level. For Ethereum, we prioritize looking at short-term support around 2,970. If it continues to dip, we will look towards 2,900 and even 2,800. The reversal signal can be referenced at Bitcoin's support of 86,600 (for Ethereum, the current reversal bottom is around 2,770, but considering its altcoin nature, it is not advisable to guess the bottom; we should see if Bitcoin establishes a bottom to determine the best course of action).

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