The short-term rebound on the four-hour chart of the pancake has touched the upper Bollinger band and then retreated, forming a standard 'M-top' prototype. The trading volume has shrunk, and the moving averages have started to turn, indicating that the rebound has entered a stage of exhaustion. Overall, it is still in a high-level oscillation downward structure.

Resistance above focuses on around 123000. If it does not break this level on a pullback, it will continue to test the support zone of 120000—118000. If it breaks, the short-term outlook could be towards the 115000 area.

Short positions can be taken in batches around the 122800—123200 range with light leverage, stopping out above 123800. The initial target is 120800, and after breaking this level, the target is 118500. Any rebound should be shorted. $BTC $ETH #BTC再创新高 #美国ETH现货ETF开启质押功能 #十月加密行情 #加密市场回调