Morning Analysis on Tuesday, Week 7.8:
Bitcoin faced resistance around the key level of 109700 yesterday and retraced, showing a downward trend during the day. However, the support area around 107500 demonstrated strong holding power. The current price has rebounded to around 108300, forming a technical pattern of bottoming out and recovering.
From the market perspective, a new oscillation range is being constructed, with both bulls and bears engaging in a tug-of-war within this range. The key resistance level remains at 109700; if this pressure level cannot be effectively broken, the market may continue its current consolidation pattern. From the 4-hour chart, the market shows a pressured pullback trend. The current price has continuously dropped to around 108300, and short-term technical patterns indicate that bears are dominant, suggesting there may still be downward space.
Operational Suggestions:
Bitcoin: Range 108500-108800, target around 106500-107200. $BTC
Ethereum: Range 2550-2580, target around 2470-2500. $ETH
