$ETH

Bitcoin remains in a narrow range of 118500-120500 during the early hours, reaching a peak of 120327 before retreating to around 119800 for consolidation.

Technical analysis shows that the current price is at a critical watershed, with support at 119500 and 118800 below, and resistance at 120300 and 121000 above. The 4-hour indicators are showing neutral signals: the MACD fast and slow lines are converging and flat, the RSI value is 54 with no clear direction, and the Bollinger Bands are continuously narrowing, indicating that a change in trend is imminent. In terms of volume, during the consolidation period, trading volume is decreasing, and no significant large orders have appeared. Special attention should be paid to the early session's correlation with the U.S. stock market, important economic data for the day, and changes in funding rates. The current volatility is low, suggesting to manage positions carefully and follow the trend after a breakout. The market is in a phase of accumulation, and patiently waiting for a direction choice is key.

Bitcoin recommendation: For short-term, adopt a range strategy, lightly shorting at 120000-120300 (stop loss above 120500), and gradually buying at 119500-119800 (stop loss below 119000); for mid to long-term, wait for a breakout confirmation, looking for 121500 if it breaks above 120500, and 117500 if it breaks below 118800. #NFT板块领涨