Last night, Bitcoin surged sharply from a low of over $101,000 to $104,000, directly wiping out many short sellers. Now, there's a bit of an over-exuberance in the market with the bullish sentiment. However, looking at the technical indicators:

On the 1-hour chart, the price is stuck halfway up, unable to move significantly in either direction. If it falls back below the middle line, it may test lower levels again. The KDJ indicator shows it has already been overbought, and a downturn could happen at any moment. Although the MACD indicator has shown a slight emergence of red bars, the overall trend remains downward.

Despite the current rise, there could be a pullback at any time. Ethereum is following Bitcoin's lead, climbing to $2,603 before dropping back to around $2,540, with both bulls and bears battling it out.

In the larger trend, we still see a tug-of-war at high levels. Although there was a rebound today, it hasn't broken out of the consolidation range. The 4-hour chart resembles a tightening triangle, with $2,620 as an important resistance level. Even though there have been several consecutive bullish candles, the RSI indicator barely touched the oversold area before retracting, making this rebound less reliable. The MACD green bars are getting shorter, with bears still holding the upper hand.

Advice for the retail traders: Don’t rush in just because prices are rising; wait for a real breakthrough of resistance levels or a stable pullback before considering entry, otherwise, you might get caught on the wrong side.