Early morning needle warning, $BTC is the last wash before the conference!
Current market trends show that both BTC and ETH are exhibiting a continuous bearish correction on the 4-hour timeframe. The rebound high has not surpassed the previous high, and the recent low has not yet reached the previous support level, indicating that there is still a need for further retracement in the short term. The morning market fluctuations are relatively calm, with prices oscillating within a narrow range.
From a technical structure perspective, the market is forming a "advance two, retreat one" oscillating upward pattern, which aligns with our previous strategy of shorting after a rebound. It is recommended to prioritize attention on the retracement, and once the price falls to the key support level below, you can look for opportunities to set up long positions in the evening, waiting for a new round of upward movement.
In terms of specific operations, BTC can focus on the performance in the range of $108,500 to $109,000. If it effectively breaks below the $108,200 support, it may further test $107,800.
Current market volatility is relatively low; it is recommended to wait for clearer breakout signals. Also, keep an eye on news related to the BTC conference.
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