The weekly closing shows a bearish engulfing pattern after three bullish candles. Currently, it relies on support near the 90,000 level. The spike low on the 20th at 92,232 may rebound but risks breaking down further, creating a lower low. The bullish support around 90,000 could be overwhelmed, and after making new lows, watch for a potential false breakdown followed by a return. This essentially replicates the movement seen in 2023 when it surged to 49,000, a scenario we warned about one or two months ago, and the current movement aligns with expectations.
After Ethereum broke below 2,800, it has returned to a weekly range. Last week's decline saw increased volume, and a retest of the weekly MA20 and MA60 support before rebounding is not ruled out. If the daily rebound to 3,550 does not hold, it will test the spike low support around 3,100.
Bitcoin
As of the writing, Bitcoin has dropped to 93,771. After the spike, the bearish rebound strength is too weak, and there is a possibility of making new lows. The BOLL opening will first look at whether it can produce a short-term rebound near 90,000.
The 4-hour ascending channel has broken down and has not recovered. As mentioned on the 21st, if the ascending channel does not recover, the downtrend will not stop. MACD and RSI remain bearish, and it is currently moving in a descending channel, so watch for further breakdown.
Support: Resistance:
Ethereum
After Ethereum's daily spike to MA60, it has rebounded but has now broken below MA60 again, and there is also a risk of breaking the spike low and retesting the MA120 support.
If it retraces to the Fibonacci 0.5 level of this upward segment, if the support does not hold, there is a possibility of retracing to the 0.618–0.786 area.
Support: Resistance:
Altcoins: HBAR is still oscillating within a triangle, with strong support from ETF expectations, showing limited downside and potential for future rebounds.
LPT and BADGER have seen significant declines previously but rebounded quickly, both showing potential for further rebounds after reclaiming previous lows.
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This article is time-sensitive and for reference only; it is updated in real-time.
Focusing on candlestick technical research, sharing global investment opportunities. Public account: Trading Prince Fusu
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