In recent days, Bitcoin has been closing with bearish candles on the daily chart, gradually moving down and already touching the middle band. However, the short-term pullback has not yet broken the previous key support level, but the price keeps testing the support area back and forth. Given this situation, it seems likely that it will continue to test lower levels.

Speaking of the middle band, it was tested once before, where the candlestick left a long lower shadow but could not hold. Currently, it has rebounded quite strongly. But if it does break down, the adjustment gap may open completely. Previously, the price surged to a high, and the middle band moved to around 106,500, which coincides with the previous support level. The feeling of weakness is becoming increasingly apparent. Looking at the four-hour chart for the smaller time frame, the resistance at 108,500 has not been broken, and the Bollinger Bands are currently flat, but signs of weakness have already emerged.

On the Ethereum side, in the four-hour chart, the bulls rushed to about 2,600 over the weekend but were immediately suppressed. Without the support of the U.S. stock market to maintain the momentum, the bulls could only slowly adjust. During normal trading hours, it turned into a gradual decline, with significant selling pressure above. Last night, there were several attempts to test the middle band support, and although they left long lower shadows, there hasn't been a substantial rebound after holding the support. Now the price is back around the middle band, and whether it can break down will depend on whether the four-hour closing can fall below 2,520—if it doesn't break, it is likely to continue oscillating, and the Bollinger Bands will narrow further. Once the space is squeezed enough, it might need to adjust deeper.

Given the current situation of Bitcoin and Ethereum, holding a bearish long-term view is reasonable. For short selling, Bitcoin can be shorted near 109,000, targeting down to 106,500; for Ethereum, shorting near 2,570 is possible, and adding to the short around 2,600, with the initial target looking for a break below 2,460 to directly see 2,400.