Market analysis early this morning

The BTC price dipped to the 103,300 level during the midnight period, formed effective support, and began to rebound, subsequently rising to touch the resistance area of 105,300. It is currently consolidating in the range of 104,100-104,800. Notably, the 103,300 level has formed an intraday double bottom pattern, with the trading volume on the second touch of this support decreasing by about 35% compared to the first, indicating that selling pressure is weakening.

The short-term bearish signal has strengthened. When rebounding to 105,300, the trading volume significantly increased, but then during the oscillation phase, the trading volume continued to shrink to about half of the average level, indicating that both buyers and sellers are becoming cautious in the key price area, and the market needs to wait for the trading volume to expand again to confirm the subsequent direction.

It is recommended to buy Bitcoin near the range of 103,800-103,000 at this stage, with a target price range of 105,200-106,200.

Ethereum can be bought around 2,470-2,430, with a target range set at 2,580-2,630.