Thursday early morning market movement showed a typical high-level pullback. Let's take a look at the details.

On the Bitcoin side, it surged to 87,450 in the evening but then started to face pressure, subsequently falling back to around 86,980 for consolidation. Ethereum's performance was weaker, starting from a low of 2,886 in the evening and slowly climbing, currently consolidating around 2,937, with limited rebound strength.

**What does the technical analysis say?**

On the 4-hour chart, the price remains the same — deeply embedded in a downtrend channel, constantly testing new lows downward. Although bulls are attempting to resist, frankly, the momentum is insufficient. This rebound is at best a technical correction after continuous decline, like the body resting, but the overall direction hasn't changed. The Bollinger Bands are still widening, with the middle band and lower band continuing to decline. The candlestick pattern shows "two bearish candles sandwiching a bullish candle" — what does this indicate? The downtrend is not over yet.

Looking at the 1-hour chart, the details are even clearer. Although a few bullish candles have appeared consecutively, they are pushed back when reaching the upper resistance level, indicating that short-term bulls lack confidence. As the lows keep sinking, the downtrend channel's outline has become quite clear.

**Trading strategy:** Rebounds are opportunities to short. Until there are clear signs of strong upward movement, focus on shorting during rebounds.

- Bitcoin: Short in the 87,500-87,800 range, targeting 85,000
- Ethereum: Short in the 2,960-2,980 range, targeting 2,800