Midday Thoughts

Looking back at the morning session, the market has shown a fluctuating trend of declining and then rising, and then rising and then declining since midnight. In the morning, it dropped from a high of 114821 to around 1140, currently in a tug-of-war between bulls and bears. The bulls are under pressure above, while the bears still dominate. Currently, the overall trend of Bitcoin is within a clear bearish structure. The rebound highs are gradually decreasing, and it has consistently failed to effectively break through the resistance of the previous low, indicating insufficient buying power in the market and a gradual exhaustion of bullish momentum. At the same time, the price is gradually approaching the key support area of the previous daily low, and the downward target is about to be reached.

The four-hour level shows that after experiencing a wave of rebound, the market is in a state of stagnation. The middle band of the Bollinger Bands, which serves as an important resistance zone for bullish rebounds, has still not been breached, and the middle band line continues to move downward. Therefore, the overall trend will still rely on bearish operations.

Bitcoin: Short in the range of 113500-113800, target around 112500

Ether: Short in the range of 4300-4320, target around 4230