Ether plummeted at the 4788 position, confirming our viewpoint from a few days ago, where defending the previous high of 4800 allowed for a smooth pullback of 300 points. It was previously mentioned that after the pullback, it would not be possible to continue shorting. The continuous rise has created a pullback structure in the larger cycles on the weekly and daily chart. A rapid decline in the short term can lead to an oversold condition, and the contradiction between the larger and smaller cycles makes the current trend more inclined towards consolidation.

From the daily chart perspective, it is still a bullish trend. Currently, there is an oversold rebound, leading to a second peak test. Only a fall below 4450 will initiate the entire bullish pullback. The layout from yesterday was to go long at 4480, with 4450 as the defense level for this reason. The current platform resistance level is between 4700-4730, and the pressure point can defend at 4788 for another short.
The current trend of Bitcoin is a rebound after a high-level plummet, with a pullback rebound around 7,000 points and a second test of the downside. To set up a large short position, one needs to wait until the area around 12.2-12.3 to short, with a defense at 12.44 #BTC# #DOGE# #ETH# .