Market observation early this morning

Bitcoin started a rebound structure at the $104,000 level during the early hours. From the chart pattern, this price level forms a typical bullish engulfing pattern, with trading volume increasing by more than twice compared to the previous hour, indicating that buying power is actively entering the market.

At present, the price is forming a triangle consolidation pattern in the range of $104,500-104,900, the RSI indicator on the hourly chart is oscillating horizontally between the neutral range of 40-60, and the MACD green bar is gradually shortening and is expected to cross above the zero line. In particular, the $104,900 level is an important resistance resonance zone with the upper Bollinger Bands as the previous neckline.

The current market shows a clear short-term wait-and-see sentiment. From a technical perspective, it is recommended to pay close attention to whether the price can break through the triangular consolidation range and its breakout direction. Ensure to implement proper stop-loss controls in your operations.

Bitcoin support range: $103,300 - $102,800
Target upper range: $105,300 - $105,800

Ethereum support range: $2460-$2420
Upward target area: 2540-2580 USD