The price of the coin failed to break through the previous high and is currently under pressure and retreating near 1088. It has now dropped to around 108100 and is still continuing to oscillate downwards, which completely verifies the idea I provided this morning. Our short position entered at 108650 is still being held. The coin price has failed to break above during two attempts to rise, so a short-term retracement is inevitable. We will maintain a bearish outlook in the future.
From a technical perspective, looking at the four-hour chart, after continuous consolidation and correction, the two large bullish candles quickly rose but failed to break through, followed by a rapid retreat to this mid-track area. Currently, the coin price is running below the upper track, indicating that this round of retracement has not yet ended. From the hourly chart, after the coin price failed to rise, it is currently showing a continuous bearish trend. The current coin price has retreated below the middle track of the Bollinger Bands, and the MACD energy bars have turned from positive to negative, indicating that the bears are still exerting pressure. This round of retracement will continue to probe downwards, with support at around 10.7. In this oscillating trend, we still maintain a high short position and can take long positions near the support level.
For Bitcoin, short near 108000 and watch around 107000; for Ethereum, short near 2450 and watch around 2370.
