Since yesterday's rapid departure from the consolidation range with almost no substantial pullback, it is very clear that the American funds are pushing the market higher. They further increased volume on top of the day before yesterday's surge. ETFs are one of the main buying forces. The selling pressure between 97-98 is not sustainable, so during the second or third tests, it is easy to break through in one go, causing short squeeze liquidations.

Short-term uncertainty has increased. Breaking below 955 will accelerate testing the support after the previous top turned support. Therefore, around 94k can still be considered a primary buy point on the 1-hour chart. The overall trend is an extension of the 4-hour rebound phase. The final high still depends on the strength of spot market momentum. Currently, it’s impossible to judge; all we can say is that the probability of 98 as a high point is decreasing.

Currently, my short positions average around 971. If before the US market opens the price remains sideways rather than falling, I personally will choose to exit at around 975 or near the break-even point. A smooth pullback would target around 94, and I have no plans for long-term holding for now.