Midday Thoughts

Reviewing today's market trends, Bitcoin faced a bearish attack at a high of 114961, with the price quickly plunging to a low of 110558. Subsequently, bulls quickly organized a counterattack, successfully reclaiming 113500 and forming a consolidation pattern within this range. Ethereum, although it reached a historic high of 4953, could not maintain its upward momentum, with the price dropping to a support level of 4708 before stabilizing, currently around 4680.

From the 4-hour candlestick chart, although there was a rebound last week that recovered to above the middle band of the Bollinger Bands, the bullish strength could not sustain. After reaching a key resistance level, it quickly fell back, forming a clear false breakout pattern. Under multiple tests by the bulls, the outlook for continued rebound recovery is not optimistic, and the midday continues with the earlier bearish sentiment.

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

Ethereum: Short in the range of 4700-4730, target around 4630.