On the daily chart, after Bitcoin's price broke below the key support level of 103,000, it dropped to around 97,600 in search of bottom support, then began a strong rebound. Although the rebound was considerable, it has yet to break through the previous high, showing an overall high-level oscillation and consolidation pattern. Currently, the candlestick has exited the downward channel, but the latest rebound has just touched the short-term resistance level, indicating significant selling pressure above.
Switching to the 4-hour timeframe, Bitcoin briefly broke through the previous high showing bullish momentum, but was immediately met with heavy selling pressure, causing the price to stagnate at high levels. In terms of technical indicators, although the MACD indicator shows a golden cross, releasing bullish signals, the fast line has shown signs of turning, suggesting that bullish momentum may be difficult to sustain; the Bollinger Bands, which were originally diverging upwards, are now gradually narrowing, and the candlestick has been moving down from the upper band, further indicating a weakening of short-term upward momentum. Furthermore, the formation of a double top pattern on the daily chart visually reflects a strong signal of price encountering resistance at high levels, suggesting that the strategy should still focus on shorts at high levels!
BTC: Short around 108,200-107,900, looking down to around 106,000.
ETH: Short around 2,500, looking down to around 2,440.
