The large pancake surged overnight and then retreated, with the bulls briefly probing the 97400 area in the early morning before starting a pullback correction. From the daily structure, although the price closed with a solid bullish candlestick, it was accompanied by a significant upper shadow, indicating signs of high-level capital exchange, and there is a technical correction demand in the short term.
In terms of cycle patterns, both the 4H and 1H charts show a top suppression trend: the MACD double lines formed a death cross at high levels and are moving downward, the RSI indicator has entered the overbought area and has started to decline, and the volume indicator shows that buying power is continuously weakening. This round of rebound might be approaching a phase top.
Operation suggestions:
BTC: Consider entering short positions in batches within the 97200-97700 range, with the first target below focusing on the 95000 level; if this is effectively broken, further look towards the 93500-94000 area.
ETH: It is recommended to enter short positions opportunistically within the 1860-1890 range, with short-term support focusing on the psychological level of 1800. If this level is broken, it is expected to extend towards the 1760-1780 support range.
