After the price of the coin surged in the morning, it entered a period of consolidation around 118,300, with a simple fluctuation leading to a slow upward movement in the afternoon. The intraday high reached about 118,900, followed by a rapid decline in the coin price. Currently, the coin price is around 118,600. The short positions we entered this morning are still being held. We continue to maintain our view of a pullback. Let us wait and see as we look forward to the evening market movement.

Looking at the four-hour chart, the coin price quickly fell to the lower band under pressure from a large bearish candle, then quickly produced four consecutive bullish candles that pumped the coin price above the middle band, causing it to return near the high point previously tested. The long upper shadows of the candlesticks near this position also indicate that there is strong resistance above this position. The continuous shortening of the real body candles shows that the bulls' energy is continuously diminishing, making it difficult to break through the resistance above in the short term. Therefore, there is a high probability of a rapid pullback after the pressure in the later market. Currently, the bearish outlook remains unchanged, and it is enough to respond with a rebound high short strategy.
Short on Bitcoin around 118900, watch around 117500, short on Ethereum around 3880, watch around 3780.
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