Early this morning, the price of Bitcoin surged strongly to the resistance level of 108,900, followed by a retaliatory pullback to a low of 106,069. The pullback was also relatively significant. The price rebounded slightly this morning, and currently, Bitcoin is trading around 106,600. Ethereum, after reaching a high of 2,680 early this morning, faced resistance and then quickly dipped. The price dropped to a low of 2,524. The bullish strategy laid out from early morning to the morning session resulted in a gain of over 3,000 points for Bitcoin and over 100 points for Ethereum.

From the current market perspective, the bulls are showing weakness, with the significant pullback after the surge indicating heavy selling pressure at high levels, and a double top formation has already developed. The 4-hour RSI has fallen from the overbought zone to the neutral zone, and the MACD momentum is weakening, suggesting that the market may enter a consolidation or correction phase. Short-term momentum needs to be repaired. As for the future market, we maintain a range-bound approach; after a large movement, the overall market will likely enter a consolidation phase. We still prefer to hold a bullish position at lower levels.

Trading Suggestions

Long Bitcoin around 106,000, target 108,500

Long Ethereum around 2,550, target 2,650, 965, 015, 910, 89