Looking back, the midnight pancake market continues to maintain a narrow range of fluctuations without obvious volatility, with both bulls and bears cautiously observing, and trading volume continuously shrinking. On the candlestick chart, the price repeatedly tests within a small range.

From a daily perspective, the market is maintaining a typical box-range oscillation trend. In the last five trading days, the price fluctuation range has continued to narrow, firmly locked within a narrow channel of 93500-95300, forming a clear price convergence pattern. Analysis at the 4-hour level shows that the 93500 level has successfully withstood bear attacks three times in a row, demonstrating strong support; meanwhile, the area above 95000 has repeatedly faced heavy selling pressure, forming a clear resistance level. This "pressure above, support below" stalemate has persisted for quite some time, fully reflecting the fierce game between bulls and bears at the current price level. In terms of technical indicators, the MACD fast and slow lines have formed a high position dead cross above the zero axis, suggesting that short-term adjustment pressure has not yet been completely released, and the Bollinger Bands show an extreme narrowing trend, still looking downward in the morning.

Bitcoin: Short at around 94500-94800, short-term target 93000

Ethereum: Short at around 1820-1840, short-term target 1750