From the 1-hour candlestick chart, Bitcoin surged and then sharply fell, forming a clear downtrend. During the decline, the bearish candlestick bodies were relatively long, indicating strong bearish momentum. The Bollinger Bands continue to widen, with the price positioned between the middle band and the lower band, close to the lower band, indicating increased market volatility and bearish dominance. The short-term moving averages are also diverging downwards, putting pressure on the price.
Bitcoin strategy: Short near 118400, target 116800
Ethereum strategy: Short near 4540, target 4470
