In the morning observation, we continue to be optimistic about the continuation rhythm of the previous medium-term downward first wave. Bitcoin and Ethereum fell from the 10th to the 19th, and although they explored around 84300, they have not effectively broken below the 80000 mark. From the perspective of the daily chart's spatial structure, there are still several trading days of downward space, with the target range anchored between 80000 and 76000. Once the market touches this range, it means the first wave of the medium-term decline cycle is coming to an end. By that time, we may see a rebound trend on the weekly chart that lasts for several weeks. In the short term, this rebound is still a good opportunity for participating in shorting layouts, with the key turning point position at Monday's high, which is an important observation point.