Yesterday, the market was completely dominated by the bears. It saw a one-way downward move throughout the day, with the bulls having no strength to resist throughout. The selloff continued from daytime into the early morning. Prices kept oscillating and pushing lower until they finally touched the key support level of 79,800, where the selling gradually eased and price stabilized. After that, the market saw a small rebound. However, the bulls’ offensive momentum was clearly weak; the rebound was capped when it reached the area around 80,800, where selling pressure stopped it. After that, there was no further strength to open up additional upside. At the moment, Bitcoin is holding a narrow-range consolidation around 80,600, and the long positions laid out yesterday have already exited smoothly with small profits.

From the four-hour cycle perspective, the atmosphere of back-and-forth trading between bulls and bears within smaller timeframes is very intense. However, overall price has remained trapped inside the box range and has not broken through in any substantive way. In the short term, after the earlier push to a high, price quickly turned and fell back. It consecutively printed bearish candles and broke below the moving average midline, then re-tested the key support line again. At this stage, neither bulls nor bears has been able to form an effective breakdown. The overall structure still remains a choppy, range-bound pattern. The current price is near the lower key support area, and the bears’ further downside room is already limited. For short-term trading, remember not to blindly chase shorts.

In the morning, for Bitcoin: go long at 80,500-80,000, with a target to see 82,000.
For Ethereum: go long at 2,280-2,250, with a target to see 2,340.