In the afternoon, we suggested a strategy of looking for a rebound before entering short positions. The price rose strongly from the 104920 level to the 106777 level. The long position we suggested at the current price successfully gained nearly 900 points. Currently, the price is fluctuating around 106600, which is a normal technical correction phase after a strong one-sided rise. The bulls still have some space to grow. For the future, we will first look to go long with the trend, and then it won't be too late to flip to a short position after that.

From the 1-hour chart perspective, Bitcoin is showing a pattern of fluctuating upward followed by high-level consolidation today. In the morning session, there was a battle between long and short positions at low levels, with small red and green candles alternating. Later, relying on support, it broke through the fluctuating range to initiate a rebound. After lunch, the bulls accelerated, with a large bullish candle reaching the high point of 106777. Subsequently, small body candlesticks entered a consolidation phase, without disrupting the upward momentum. On the indicator level, the middle track of the Bollinger Bands has turned upwards, and after briefly retracing following a breakout of the upper track, the middle track and short-term moving averages are forming a resonance support; the MACD indicator's green bars have turned red and are continuing to widen, with the DIF crossing above the DEA and maintaining an upward trend, validating the bullish momentum; the KDJ indicator's three lines are intertwined at a high level, showing an overbought signal but not crossing, reflecting a temporary bullish advantage amid long and short divergence. Overall, the current bulls dominate the short-term trend, and high-level consolidation has a high probability of being a trend continuation. Operations can rely on key support such as the middle track of the Bollinger Bands to accumulate long positions at low points, while also being cautious of the risk of a pullback if there are consecutive bearish candles breaking support. Attention should be paid to the breakthrough of previous highs and the situation of support defense to respond to trend continuation or phase corrections.

You can go long directly at the current price for Bitcoin, targeting around 108000; for Ethereum, you can go long in the 2600-2580 range, targeting 2700. $BTC $ETH