On Monday morning, after price action pushed higher, the intraday price relationship overall formed a retracement correction pattern. The upper and lower ranges did not show significant volatility. After yesterday’s rally pushed higher to the 79,455 level, the market is currently slowly working through a downward correction and repair. The pace is rather gradual, and there has not been any strong bearish breakdown. In terms of the current trend, this move can only be regarded as a correction rather than a trend reversal. Neither the upper nor lower boundaries have been broken, and the short-term structure has not formed a reversal. After a localized rebound for correction, we can continue to watch for consolidation and a shrinking trading range.

From the current market structure, it’s not hard to see that the pullback room is limited. Multiple pullbacks to the downside are aimed at better building up momentum for the bulls to make a higher push afterward. “Big pie” still shows signs of continuing the bullish side, but in terms of upside room, there isn’t much space to the top. At the moment, the coin price is undergoing range-bound adjustments. Right now, the compression of the trading range is relatively small. On shorter timeframes, the moving averages are mostly sticking together and flattening, suggesting the market may continue to maintain a slightly range-bound bias in the near term. On smaller timeframes, the continuous oscillation and technical correction patterns are gradually adjusting; in the short-term, there is still some potential for a rebound. The rhythm will likely involve repeated back-and-forth between bulls and bears, and there won’t be a one-directional move. Therefore, we will stick to the retracement-and-buy approach to plan our next steps.

Bitcoin: 77200-77000, Long, target 78500
Ethereum: 2280-2260, Long, target 2400