Morning Thoughts

Reviewing the market conditions from early morning, Bitcoin faced resistance and fell back after rebounding to a high of 120769, dipping to a low of 118032 before stabilizing; Ethereum also faced pressure and corrected after reaching a high of 4365, showing a weak oscillating trend, ultimately finding support near 4188.

From the 4-hour candlestick chart, we have seen five consecutive bearish candles, forming a clear downward trend of five consecutive bearish candles. Each bearish candle has a relatively full body, accompanied by gradually increasing trading volume, indicating that bearish forces are persistently gaining strength. Although bulls attempted several times to organize a rebound during this period, they failed to create an effective reversal signal. Recently, the market trend has shown obvious signs of weakness, and the current price has dipped to near the middle band of the Bollinger Bands. This round of decline is accompanied by a moderate increase in trading volume, indicating that market selling pressure is gradually being released, but a clear bullish divergence signal has not yet appeared, suggesting that the market may need more time to complete the bottoming process. In the morning, we still look for a rebound to recover after reaching a high.

Bitcoin: Short position in the range of 119000-118700, short-term target 117500

Ethereum: Short position in the range of 4230-4260, target around 4150