After the price of the coin surged to around 105,200 in the early morning, it faced pressure and fell back, forming a clear double top pattern. This position coincides with the upper band of the 4-hour Bollinger Bands and the 78.6% Fibonacci retracement level, indicating significant selling pressure. Subsequently, the price broke below the short-term upward trend line and fell back to around 104,500, confirming that the bullish momentum has weakened and bears are beginning to dominate the market.
The MACD formed a death cross above the zero axis, with the red energy bar increasing in volume, and the RSI turned down from the overbought zone, indicating a short-term need for correction from overbought conditions. At the same time, trading volume shrank during the surge and increased during the pullback, forming a divergence between price and volume, further validating the strength of the bearish counterattack.
The current price hovers around 104,500. If the rebound cannot stabilize above the 105,000 mark, it can be seen as an opportunity to add short positions. The primary target below is 103,800 (previous low support). If it breaks below, it may further probe down to 102,500. Those holding short positions above 105,000 can continue to observe, with stop-loss moved up to 105,500 to protect profits, and be cautious of the risk of a short-covering rally.
