#数字资产市场观察 Market Observation: This round of pullback is indeed considerable, but from the data, there may still be opportunities hidden in the short term.

First, let's look at a few key signals:

The liquidation data from the past 24 hours is quite interesting—long liquidations are five times that of shorts. What does this indicate? Many long holders are stepping on each other, and panic sentiment is dominating the downward trend. More notably, even now, 54% of the holders are stubbornly maintaining their long positions. The mentality of this group is quite delicate, and they could become potential selling pressure during a rebound.

From a technical perspective, the drop has been too steep. Indicators suggest a high probability of a corrective pullback in the short term. However, in my view, this pullback seems more like a window period for establishing a second short position.

How specifically to look at it?

The current price is fluctuating around $344, so don't rush to take action. Patiently wait for a pullback to the $350 resistance area and observe whether the price can break through. If there is stagnation and volume contraction in this range, that would be an ideal shorting position.

The stop-loss can be set at $370, or $390 if you are more aggressive, mainly depending on your risk tolerance. The initial target should be the previous low of $315; if it breaks below that, the next support range is around $280.

In simple terms: the current trend is bearish, but don't blindly chase the short position. Wait until the rebound loses strength before entering the market; going with the flow is the wise choice.

Let me emphasize a few key points again:
🎯 Sniper Zone: $350 resistance band, intervene when fatigue appears
🛡️ Defensive line: $370 as a stop-loss reference, leaving some room for error for the rebound.
📉 Target price: first look at $315, second look at $ZEC
A pullback does not signify a reversal; many times it is just a breather in a downtrend. Trading is a game of probability, and what we need to do is find positions with a higher win rate.