Last night, Bitcoin also aligned with our bearish outlook, and the market maintained a state throughout the day. Bitcoin retraced to the 108200 low point and faced resistance. We took profits around this area, and the market did not continue to provide a certain amount of follow-through, but instead rebounded with consecutive bullish candles to the 110367 high point, facing pressure. The bullish momentum is strong, and the upper pressure zone is continuously being tested. Ethereum has mirrored Bitcoin's trend, rising to the 2834 high point, and is currently still in a high-level consolidation phase.

From the current market perspective, Bitcoin's daily chart shows a bullish candle followed by a doji candlestick, indicating a technical pullback phase at a high level. The doji candlestick has a prominent lower shadow, suggesting strong resistance below. On the four-hour structure, after breaking the upper band, it has maintained a wide range of oscillation in a consolidation phase, with bulls and bears tugging back and forth. The volatility is significant, which has intensified the liquidating pressure. Currently, the KDJ is flat and moving sideways; prolonged horizontal movement usually leads to a drop. In the short term, we are still watching whether the point at 111000 can stabilize. Operationally, it is still recommended to take a short position at high levels.

In the morning, Bitcoin can be shorted in the range of 110500-111000, targeting around 107500. Ethereum can be shorted in the range of 2830-2850, targeting around 2720. #比特币 $BTC