Morning Thoughts

Reviewing the market trends from early this morning, Bitcoin faced pressure and fell back after touching the 114127 line, subsequently showing a volatile downward trend, and finally found support around the 112706 line. Ethereum also retraced from its high of 4235, dropping to a low of 4068 before rebounding.

From a four-hour perspective, the market shows a clear pattern of bearish candles, forming a phase of retracement trend. It is noteworthy that after every pin bar retracement, the market enters a certain period of adjustment, but this has not changed the overall direction of movement, which remains dominated by a bearish trend. In terms of technical indicators, the market has formed a bearish divergence, which suggests that there may be retracement pressure on the current trend. In the short term, the bearish dominance will continue.

Bitcoin: Short in the 113000-113500 range, target around 112000

Ethereum: Short in the 4100-4130 range, target around 4030