Early this morning, Bitcoin's price fluctuated greatly and was in a state of volatility. It suddenly surged to around 107,700 but quickly encountered resistance and fell. However, the decline did not break the key support level of 106,300, and now the price has returned to around 107,000, fluctuating back and forth. Ethereum's trend is similar to Bitcoin's, dropping to a low of around 2,390 and now hovering around 2,420. We successfully made a short position at a high earlier, earning money.
From the daily chart, Bitcoin's price is repeatedly fluctuating at high levels, quickly retracting after each rise, leaving many long upper shadows on the candlestick chart, and each rebound's high point is getting lower, indicating that the overall market is dominated by bears, consistent with our previous analysis. Therefore, whenever the price rebounds, it presents a good opportunity to short, but it is important to set a take-profit point and secure profits in a timely manner.
Looking at the 4-hour chart, the price has been fluctuating at high levels, with the Bollinger Bands' opening narrowing, which indicates that the market has entered a phase of high-level consolidation. Although the price lows are continually decreasing, there is support below, preventing a significant drop, leading to increased price volatility. Additionally, the market is less active on weekends, and it is expected that the market will continue to be characterized by volatility. The operational suggestion is still to look for short opportunities when the price rebounds.
Bitcoin: Short in the range of 107,000-107,500, target at 106,000.
Ethereum: Short in the range of 2,410-2,440, target at 2,350.