Good morning everyone! A new day brings a new beginning. Yesterday's market conditions were not bad, and both profits and losses have become a thing of the past. The overnight market is likely to continue its downward trend. After Bitcoin broke through 108,000, it fell to around 107,500 and then rebounded, later maintaining a sideways adjustment near 108,000. The altcoin dropped to around 2,505 before rebounding, and is currently back to around 2,530, undergoing a sideways adjustment.
From the overall market perspective, the bears have taken the lead and are continuously testing the key support below but are facing strong resistance from the bulls at the short-term key support level.
The daily candlestick chart has maintained a yin-yang connection after a rise. If there are no unexpected bearish closes in the daily K line and if the critical support is not breached, the market will continue to maintain a range-bound consolidation.
On the four-hour line, the reverse V shape seems to have completed its formation, and after consecutive bullish candles, it has not effectively broken through the upper resistance level. After turning to consecutive bearish candles, it has also failed to effectively break through the 107,000 level, but the volume has not shown obvious contraction, accompanied by a gradual tightening of the range. In the short term, the market will likely form a range and once again consolidate before making another attempt to hit the key levels.
In the morning, we can first look for a rebound, focusing on 108,500-109,000. For subsequent short positions, refer to Bitcoin around 108,500, looking at 107,500-107,000. For altcoins, refer to 2,560-2,550 for shorts, looking at 2,520-2,500. $BTC
