Yesterday, after ETH fell 60 points, I advised everyone to cancel their short positions, which then rose to 3716, helping many partners avoid being trapped in short positions!

Today, the market continues its overall trend of fluctuating rebounds, but the bullish momentum is not strong. The short-term upward space is limited, especially since BTC and ETH have encountered significant resistance near key technical resistance levels. Market sentiment remains cautious, with more short-term speculative funds dominating.

Regarding BTC, the early session rebound peaked at 115674, but encountered dual resistance from the hourly MA200 and the 4-hour MA200 during the upward process. The price quickly faced downward pressure around 115500 and has now retraced to around 114200 for consolidation. From the candlestick structure, this round of rebound is relatively weak, belonging to a technical correction after a decline, and the trading volume has not seen effective expansion. The 115400-115700 range is an important resistance area; if it cannot be effectively broken, there is still a risk of revisiting around 113000 or even 112000. If the rebound does not surpass the resistance level, it can continue to short in this range.

The ETH trend is generally synchronized with BTC, but the mid-term structure appears slightly stronger. Today, it quickly fell back after reaching 3716, and is currently trading around 3650. From a technical perspective, the price has tested above 3700 multiple times without being able to hold, indicating significant selling pressure in that area, and the willingness of funds to chase higher is weak. On the 1-hour chart, ETH has broken above MA200, turning short-term into support, while the 4-hour MA99 still exerts pressure on the rebound, forming an upper pressure zone. Attention should be paid to the support in the 3550-3570 area; if broken, it will further explore around 3480 or even 3450. Overall, ETH lacks short-term momentum, and if BTC falls again, ETH will likely follow suit.

In the future, it is important to focus on whether BTC can break through the 115700 resistance area and whether ETH can remain above 3700. If it cannot break through for a long time, short-term bears may regain strength. My mid-term view remains unchanged; I have always been bullish.

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