During the day, the price of Bitcoin surged to around 71,500, but the upward momentum has clearly weakened. Currently, it has entered a pullback, with the price hovering around 71,000. Ethereum reached a daily high of 2,632, but like Bitcoin, it has begun a pullback and is now in a consolidation phase.

From the hourly technical structure chart, the price channel is showing signs of a downward break. The lower channel shows signs of opening up, but due to the slow pace, the pullback is accompanied by a correction. The conversion of long and short volume is frequent, and the downward oscillation pattern is already evident. On the four-hour level, the operating channel has formed a strong narrowing, with the upper boundary under pressure. The price is moving weakly lower within the range, and the bullish volume release is hindered, showing weakness. The moving averages have not shown a significant upward reversal, and the short cycle also indicates a further demand for decline. The short-term oscillation is obvious, with upward movements facing resistance and showing a pullback. The next strategy will primarily focus on short positions.

Afternoon Suggestions

Bitcoin can be shorted around 71,400 with a target of 69,500.

Ethereum can be shorted around 2,630 with a target of 2,560.

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