Afternoon market volatility suddenly shifts, with Bitcoin facing a strong bearish rebound. Our long positions established in the afternoon were unfortunately stopped out with a 500-point loss, prompting a quick strategy adjustment to chase the short side. We successfully captured over 800 points of downward movement, and currently the price has retreated to around 66,000.

From a technical perspective, in the afternoon, the price repeatedly attempted to break above 68,000 but failed, forming a minor double top resistance. Subsequently, bearish momentum suddenly surged, with a 4-hour bearish candle breaking through the short-term support levels at 67,500 and 67,000. This indicates a breakdown of the short-term bullish structure. The current price has fallen back to around 66,000, which is a densely packed zone of previous rally points. Although it provides temporary support, the rebound is weak, and the hourly candlestick bodies remain pressured below 66,300, showing insufficient bullish reversal strength. Regarding moving averages, the 4-hour EMA34 has shifted from support to resistance, now pressing down around 66,700, forming a new resistance zone against the previous support. If the evening rebound fails to push back above this level, the bearish trend will further strengthen, with the next target near the previous low of 65,500.

Bitcoin strategy: Short around 66,500, target 65,500
Ethereum strategy: Short around 1,975, target 1,920