Yesterday, we had a clear idea from the morning session, relying on the main short position in the 115500-116000 conversion area, and we clearly indicated to short directly near 115500, looking down to around 113800 and 112300. During the US trading session, Bitcoin started to fall with higher trade volumes, with the coin price touching a low near 112600, and the overall trend was basically in line with our thoughts.

The price of Bitcoin formed a short-term top pattern after reaching a new high in mid-July, and then it continued to oscillate and retreat. After a long period of wide-ranging oscillation and consolidation, it ultimately broke below the lower edge of the range at the end of last week. Although the coin price has made some corrective rebounds after the pullback, repairing some technical deficiencies, the risk aversion sentiment triggered by tariffs has shown further signs of weakness on the daily chart. Currently, on the 4-hour chart, the price of Bitcoin has repeatedly encountered resistance and retreated after touching around 115000. It has been unable to stabilize. During yesterday's U.S. trading session, the bears formed a higher trade volumes large bearish candlestick, indicating strong selling pressure in the market. Although there was some rebound repair overnight, the lows are gradually probing lower. This morning, after rebounding near 114100, it stopped and retreated again, and the bearish pattern remains.
Ethereum, on the daily chart, after the price surged to the 3940 level, continued to face strong resistance. Last week, it briefly retreated to the 3353 level. Although there has been a certain rebound this week, the bulls again encountered pressure at the 3730 level. As the strengths of bulls and bears fluctuate, the bull power is weakening, and the bear power is starting to strengthen. In the context of higher trade volumes, the price has not been able to return to a strong rhythm, showing a typical divergence between price and volume. If the price cannot stabilize above 3700 for a long time, it may trigger a secondary decline on the daily chart. In the short-term 4-hour chart, the overall structure is still in a trend of oscillation and pullback. Although the 3560 level currently shows some support, the resistance in the 3700-3730 area is also quite obvious. If there is another downward breakout, the bear pattern will further continue.
On Wednesday, Bitcoin rebounded in the 114500-115000 range, and short positions can continue to be attempted. The first support to watch below is the low point of last night at 112500; if it breaks, we will continue to look at the area around 110800. Ethereum's rebound in the 3700-3730 range continues to be short, initially looking at around 3560; if it breaks, we will continue to look at the 3520-3550 range.
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