The current price is around 106700, which is a key position at the middle band of the Bollinger Bands on the 4-hour chart. Technically, there is significant resistance above, mainly around 107300. This is not only a pressure point at the upper band of the Bollinger Bands around 107400 but also the place where a double top was formed on June 17. At the same time, the MACD histogram shows a bearish divergence, indicating heavier selling pressure above.
Additionally, the KDJ indicator has formed a dead cross at high levels and trading volume is decreasing, indicating weakened buying power. The price has now fallen below the rising trend line from the morning. If the 106500 level cannot be held, a head and shoulders pattern could form on the hourly chart, and the price may drop to around 105900.
Trading suggestions:
Short around 107000-107700 for Bitcoin, targeting 105700-104900.
Short around 2630-2660 for Ethereum, targeting 2580-2560.
