Choppy day, after a midday surge and rebound, there has been no significant change for the day. Bitcoin has been hovering around 113,000, with no breakouts or pullbacks, until the U.S. stock market opened in the evening, which brought a slight pullback, with a minimum around 124,400. This move has allowed us to take small profits from our short positions. The current market rhythm is a wave-like pullback; the rebound has just exceeded expectations, but it has not surpassed the previous round's turning points, so the weak structure remains unchanged, and we continue to be bearish.
From the overall structural rhythm, the market is oscillating within a limited range today. The four-hour chart has consecutive bullish candles exceeding the mid-range resistance, but there is upward pressure present. The market has provided a small bearish pullback, and there has been no immediate increase in volume, so we are waiting for a time to correct. Sudden rises and falls occur due to news events; during these calm days, we have to wait for a time cycle. We continue to be bearish through midnight.
Bitcoin is bearish around 112,800-113,000 at midnight, targeting 110,000.
Ethereum is bearish around 4,540-4,560 at midnight, targeting 4,350.
