From the daily perspective, the current KDJ and MACD death cross continues to decline, but there has been a breakout in the ultra-short term. However, it can be seen that the bears dominate the market sentiment. In the main chart, the three-day moving averages are significantly declining, so there is still space below. The technical situation on the 12-hour chart is not much different from the daily chart; the decline in various indicators is continuously strengthening and accelerating. However, both the second and first contracts have simultaneously shown a red TD9, which also means that there may be a round of resonance repair in the ultra-short term (note that the strength will not be too strong due to the heavy daily pressure). If a short-term rebound occurs as expected, it will only serve to accumulate volume for the daily decline. In summary, the operation in the early morning should be to short on the rebound. Specific points of reference are as follows:

BTC: Short at 84500-85000, target 82500-81500

ETH: Short around 2230-2260, target 2160-2120

The above is my personal analysis of the market in the early morning, for reference only. Feel free to exchange and learn together!

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