$BTC Selling on rallies is the main strategy; it remains in a low-level consolidation phase. Positioning: 9.580-8.6 is the low. 10.35-9.58 is the middle range. Above 10.35 is the high; 10.9-11 is the turning point of a bearish flag wedge. Therefore, the key levels for judging Bitcoin's recent strength or weakness are: only after 9.6 is breached can we expect a move from the low to the high, and only then will we see resistance at the middle level. In terms of cycles: 9.6 and 9.9, combined with our previous views, represent a convergence point. Short-term chart (Figure 3): For trading within the hourly channel, as long as it doesn't break below 9.03, continue to watch the upper resistance and target of the channel. If it breaks below the lower edge, wait. Therefore, for this segment: For rebounds, place a stop-loss near 9 or near the lower edge (875). The view on pullbacks remains unchanged.