The trends of the two major cryptocurrencies during the day show polarization. Bitcoin initially plunged strongly to a low of 108559 around noon, followed by a slight rebound. However, an evening surge failed to maintain the upward momentum and quickly retreated after reaching a high, continuing the weak oscillation pattern throughout the day. Ethereum, on the other hand, showed a different performance. After a sharp drop to a low of 4310 in the morning, it began a step-wise rise. During the day, we captured a space of 1584 points for Bitcoin, while Ethereum also gained 74 points. In short, today we managed to break even on a small position without loss.

Currently, at the hourly level, the price is oscillating below the middle band of the Bollinger Bands in an alternating pattern of small bearish and bullish candles. The candlestick pattern lacks clear directional guidance, presenting an overall narrow consolidation state. However, the overall operational framework remains within a downward channel, and the core trend structure has not fundamentally changed. From a trend logic perspective, the current oscillation and consolidation is essentially a process of momentum repair within the previous downward trend. As the consolidation period progresses, the balance state of bullish and bearish forces will be broken. Once the price breaks through the current consolidation range, based on the inertia of the original downward trend, it may continue the downward trajectory, leading to further testing of key support levels below.

Bitcoin remains unchanged; continue to pay attention to the area around 110400-110800 for short positions, with the initial target at 108500.

For Ethereum, consider short positions around 4530-80, with initial targets at 4440 and 4320.