The cryptocurrency price today experienced a correction after fluctuating at a high of 107500 in the morning, then surged to around 108 before starting a round of decline at noon. After a brief consolidation near 107400, it began a new round of downward probing. The prolonged tug-of-war between bulls and bears has led to a subtle shift in the situation after today's surge. We are still patiently holding the long positions we laid out at 107800. In the afternoon discussion, we mentioned that small wave segments test our analytical precision, and what may be tested next is everyone's wisdom and courage.
From the daily perspective, after three consecutive bullish days, the price has turned downward, with the price rising to a high level, facing resistance and pulling back, while bullish momentum is gradually weakening. The long upper shadow also indicates significant pressure from above. Looking at the four-hour chart, after consecutive bullish candles, a small bearish cross followed by a small bearish candle indicates a decline. Although the price is still running above the upper band, the pattern of price movement suggests that the bull-bear situation has quietly reversed. The hourly chart reflects that the price has fallen below the middle band and has not rebounded, indicating a continuous downward trend showing that bears are gradually gaining an advantage. Our bearish outlook remains unchanged for the future market.
Short positions for Bitcoin are recommended in the range of 107200-107500, with attention on the area around 106200. For Ethereum, short positions are recommended in the range of 2450-2470, with attention on the area around 2350.
