Another weekend has passed. This week, the highest price of Bitcoin was around 105860, and the lowest dropped to around 100600. The highest price of Ethereum was around 2730, while the lowest was around 2406. Overall, the price ratio exhibited a fluctuating downward structure, without operating around the range. After the horizontal consolidation over the weekend, it rebounded back into an upward trend, with Ethereum's trend closely following Bitcoin's.
On the daily chart, it is currently in a wide horizontal consolidation structure. In terms of the larger trend, the bulls are facing resistance, constrained by the strong resistance area below 105000. Without completing a breakthrough and stabilization, we need to guard against another downward test of the lows. Only after stabilization can we pursue historical highs. The strong support for the bulls below has also been mentioned before. On the four-hour chart, the fluctuating market conditions are more apparent, accompanied by the continuous contraction of the trading range. The weekly fluctuating range is being compressed, and there have been multiple instances of breaking the lower boundary, making the testing of the support below quite evident. Therefore, breaking the lower boundary is likely to lead to good continuation. The upper side is still constrained by the strong pressure at 105000. After breaking this level earlier, it did not linger for long. Accompanied by the elevation of short-term support levels, it gradually formed a short-term triangular convergence structure. As the international trend gradually stabilizes, market sentiment is weakening. A breakthrough of new records in the price ratio requires certain policy support. In the future, we still maintain a view of a rebound within the range. If it breaks down, we will continue to look towards the target near 107000, and for Ethereum, above 3000.
