Morning Thoughts

Reviewing the early hours, Bitcoin touched the 122200 line and then faced resistance, leading to a pullback. When it pulled back to around 120300, it found effective support, and the bearish momentum was gradually exhausted, allowing bulls to start gaining strength. Currently, it is approaching the 123000 level in the morning, with Ethereum following the Bitcoin trend, now around 4250.

From the hourly chart, the MACD indicator remains in a golden cross state. Although the red bar momentum has not significantly increased, bullish momentum is still present. We need to be cautious of short-term profit-taking leading to pullback pressure. The morning market is leaning towards high-level volatility. Bitcoin needs to break through 123000 to confirm strength, while Ethereum needs to hold its ground above 4250. Currently, if it cannot stabilize during this consolidation phase, downward pressure will continue. The morning suggestion is to focus on short positions.

Bitcoin: Short in the range of 112300-112500, target around 111000

Ethereum: Short in the range of 4220-4250, target around 4150-4120