After a day of long and short battles yesterday, the market continued its oscillating structure throughout the early morning. After a second unsuccessful attempt to test the 108000 level, the market returned to consolidate around the 107000 mark. In the early session, after changing lines, the market showed some retracement space, with a minimum pullback to 106345, where it stopped falling. Currently, the price remains oscillating around 107000. As for Ethereum, after reaching a high yesterday, the market has shown a weak structure. In the morning, it also saw Bitcoin dip to 2377 before recovering. Currently, the price has returned to the consolidation position of around 2430 from last night. A short position was set at 107500 in the early morning, and exited at 106500. For Ethereum, the short position was not held at 2450 last night, with a take profit at 2390.

From the daily chart perspective, after three consecutive bullish candles, today’s closing turned bearish. The closing point indicates a certain amount of bearish volume on the pullback, but it has not further tested the support of the middle track. After three consecutive bullish candles provided nearly ten thousand points of space, there are still signs of consolidation in the structure. After two trading days of testing the high without success, the bears are currently relatively stronger. If the short-term rebound does not break the previous high, there is still room for a pullback. On the four-hour chart, after a slow rise and consecutive bullish candles, there are signs of a rounded top after hitting the high. The early morning consolidation and pullback have not further broken the support of the middle track. The Bollinger Bands are currently entering a stage of upward convergence. For medium to long-term shorts, pay attention to breaking the middle track before holding for a long time; otherwise, there are still many short-term opportunities. Short-term operations should use the middle track as a base for short positions. The oscillation strategy remains focused on short positions.

Bitcoin can be shorted in the range of 107500-107800, with a target around 105500. Ethereum can be shorted in the range of 2450-2480, with a target around 2370.

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