After a weekend of continuous weak fluctuations and consolidation, the market welcomed a turning point last night. Bullish forces are gradually being released, driving the prices of Bitcoin and Ethereum to rise. Bitcoin reached a high of 106,482 before initiating a technical retracement, currently retracing around 105,500, while Ethereum surged to 2,548 before facing downward pressure.

From a technical analysis perspective, despite Bitcoin's strong bullish momentum yesterday, the key resistance level of 106,500 was never effectively broken, leading to a decrease in bullish momentum and triggering a technical retracement. The daily chart shows that after two consecutive bearish candles, it was followed by two consecutive bullish candles, but it is still constrained by the middle Bollinger Band, and the bearish trend has not been completely reversed. On the four-hour chart, after the previous wave of retracement ended, if it cannot break through the high point of the fourth wave, the upward pressure still exists in the short term. It is worth noting that the market needs to establish a solid double bottom formation through a second bottoming process to lay the foundation for subsequent rises.

Based on the current market situation, it is recommended to open short positions for Bitcoin around 106,000, targeting 104,800; for Ethereum, attempting to short around 2,520, targeting 2,480. #比特币 $BTC $ETH