The afternoon market performed as expected, briefly retracing before rising again to break the previous high. After reaching the intraday high of 107950, it pulled back, now returning below 106500. The afternoon trend of the altcoin moved in tandem with Bitcoin, quickly rising to the intraday high of 2615 before retracing, currently back near the morning's starting point.
Overall, the market shows that after several upward breakthroughs, strong resistance levels have emerged, causing upward movement to be hindered, leading to a brief return to a consolidation structure.
On the four-hour chart, although there has been a sustained upward breakout, the retracements during this period have also been accompanied by pullbacks. After facing resistance and retracing, technical indicators have reversed, and downward pressure has clearly increased. In the short term, we continue to watch if the level around 106000 can hold; if it breaks, we will look to the middle track near 105000.
After consecutive bearish candles on the hourly chart, it broke the middle track, but it has not shown a stronger continuation. The lower track still shows an upward trend, with signs of a clear stop in the decline, accompanied by a contraction of the price range, gradually shifting the market to a weak consolidation phase.
In the evening, consider going long near 106000 for Bitcoin, targeting 108000; for the altcoin, consider going long near 2510, targeting 2600.
