The afternoon market's fluctuation range has further shifted downwards, with the market retesting the lowest point around 104300 facing resistance. Overall, the trend still reflects a fluctuating structure, and the intraday market volatility remains relatively low. Ethereum, after testing the support at the bottom around 2580 in the evening, quickly recovered, and is now once again returning to the 2600 level to engage in consolidation. The market in recent days has indeed been taxing, but in the short term, the opportunities still seem quite considerable, with a back-and-forth movement providing over a thousand points of space.

Currently, from the perspective of the market, the four-hour chart still shows a downward momentum testing the bottom support. Although there has been further intraday downward movement, the comparative operating range has shifted downwards, and the consolidation between the middle and lower track continues. The candlestick formation indicates fierce competition between bulls and bears. Currently, for bulls to achieve a strong recovery, they first need to stabilize at the middle track; otherwise, the rebound for bulls seems to be wishful thinking at this point. Combined with the one-hour chart, the market has clearly entered a downward channel. Although the bottom support is being tested for a breakdown, the further downward shift of the fluctuation range, along with the lack of increased volume following the golden cross on the indicators, indicates that bulls are in a stage of contraction. Therefore, the operational strategy should mainly focus on maintaining a bearish outlook.

Bitcoin can short between 104800-105300, looking around 103600. Ethereum can short lightly between 2615-2630, looking around 2580. #BTC