After Bitcoin broke the key resistance level of 106000 in the early morning, the market experienced a pullback, falling to around 105000 before stopping the decline. In the morning, the market rebounded to around 106000 but faced pressure and fell again, with the price once dipping to around 104500. Ethereum mirrored Bitcoin's pullback, reaching a low of about 2560 in the morning before recovering to around 2615. Our bearish outlook in the morning also followed the trend, with Bitcoin not breaking short at around 106000 in the morning, pulling back to around 104700, providing over 1300 points of space. Ethereum also followed Bitcoin, not breaking short, providing over 70 points of space.

Looking at the daily chart, the three consecutive bearish candles have broken below the middle track support. Although the market currently shows signs of recovery, there is no indication of a rally. The current structure of the Bollinger Bands also shows a flattening trend, indicating that a consolidation structure correction will continue in the short term, while a rally will require further pullbacks. On the four-hour chart, the market has formed a certain downward structure, showing a downward trend. After breaking the recent low of 106500, we view the 106500 line as short-term resistance based on the top-bottom conversion approach, currently, the bottom pattern is also in a continuous testing support momentum. The rebound has not broken through the middle track resistance, and the bulls are still struggling to recover the previous strength. Pay attention to the breaking situation at the 104000 level at the bottom; if it breaks, it could extend to the 102000 line. If it does not break, continue to maintain a view of low-level fluctuations.

Bitcoin can be shorted at 106000-106500, looking at around 104000. Ethereum can be shorted at 2630-2650, looking at around 2570. #BTC