Tom Long's Wednesday Market Outlook

Yesterday, the white session remained narrow and sideways. The evening trend was highly consistent with expectations, forming a typical "drawing door" pattern. The early surge was essentially a technical correction after continuous decline, a normal rebound in the market, and there has been no substantial change to the overall weak pattern; no over-interpretation is needed.
From a structural perspective, the key resistance level at 90800 for Bitcoin remains effective. This round of rebound is entirely within the expected correction range. Trading volume continues to shrink, clearly lacking the foundation for a trend-based upward attack. Although Ethereum briefly broke above the 3000 level, market sentiment remains subdued. Coupled with the low probability of a Fed rate cut, macroeconomic factors lack effective bullish support. The overall bearish outlook remains unchanged. In terms of operations, follow the key resistance levels for strategic positioning.
Operational references:
Bitcoin: Short near 90500–90800, target 88800, if broken, continue downward to 87500
Ethereum: Short near 3050–3060, target 2980, if broken, continue downward to 2900