In the early hours of today, the Bitcoin price dipped to around 103,800, which aligns closely with the 104,000 pullback target indicated in our previous technical analysis. Over the past 48 hours, Bitcoin has been in a range-bound consolidation pattern, and the overall market performance matches our earlier expectations.

Observing the 4-hour candlestick chart, the candlesticks show a bullish line accompanied by a significant long upper shadow. This pattern typically indicates a bullish push but with insufficient momentum, facing strong resistance. The bears have demonstrated clear suppression in the critical price area, with 103,400 being the core technical level for the current tug-of-war between bulls and bears. If the price effectively breaks below this level and closes beneath it, it could disrupt the current consolidation structure, and a valid breakdown would open up further downside potential, warranting caution for potential accelerated downside risks. Based on the current consolidation pattern and key technical levels, intraday trading suggests adopting a range trading strategy. If resistance is encountered at high levels, consider short positions when the price approaches the upper resistance level, looking for shorting opportunities in conjunction with candlestick signals.

For the afternoon, the recommendation for Bitcoin is to short on a rebound at 105000-105500, targeting around 103200!

For Ethereum: short at 2560-2580, targeting around 2420!