12.4 Afternoon Bitcoin and Ethereum Market Analysis and Trading Suggestions

From the current technical structure, the market's short-term upward momentum has shown clear signs of weakening. After multiple attempts to break through the $94,100 area, the price has failed to make a valid breakout, indicating strong resistance at this level. More importantly, a noteworthy technical resonance has appeared on the 4-hour chart:

RSI Bearish Divergence: While the price is making new highs, the highs of the RSI indicator are gradually moving lower, showing that the intrinsic momentum of the uptrend is weakening.

MACD Momentum Fading: The fast and slow lines are flattening or converging at high levels, and the red momentum bars are shrinking, further confirming the lack of follow-up buying power.

Currently, the price is undergoing a pullback and is testing the 50% Fibonacci retracement level of yesterday’s upward move ($92,500–$92,800 area). This zone is a key short-term equilibrium point:

If confirmed breakdown: This will initially confirm the validity of the short-term top formation and may trigger a deeper adjustment towards the next support area ($92,000–$92,500).

Upside pressure: If a rebound cannot quickly recover and hold above $93,500, the overall market sentiment will continue to be dominated by bears adjusting the rhythm.

In summary, after a series of consecutive rises, the market now has a significantly increased short-term correction demand. Unless the price reclaims $93,500 and resolves the bearish divergence structure, the trend is inclined to seek further downside support. Caution is advised regarding short-term pullback risks.

In the afternoon, Bitcoin can be shorted near $93,200, with a target of $91,800. In the afternoon, Ethereum can be shorted near $3,200, with a target of $3,120.