Under Currents Running Deep | Is BTC About to Crash?

BTC

First, let's look at the weekly chart of Bitcoin 1, showing a clear downward trend since this major decline, with a short-term rebound correction. It also resembles the trend from May 2022. Weekly chart 2 shows obvious trendline resistance, indicating a bearish trend.

Chart 3, the daily chart, clearly shows divergence and has not yet broken through the trendline resistance. It has been oscillating at a high level between 77,000 and 79,000 in the short term. Tomorrow's weekly close, if it forms a doji, suggests a potential reversal, but the downward momentum is still evident, and short-term dips may only reach around 81,000. Looking at (Chart 4), the 4-hour chart, the upward trendline since the rebound has been broken, confirming a double top pattern, still indicating a bearish trend.

Summary analysis of Bitcoin: Weekly trendline resistance, still bearish; daily divergence with no volume support, also bearish; 4-hour breakdown of the rebound trendline, still bearish. The second top near 81,000 is a key resistance zone, with further major resistance between 83,000 and 84,000. Support levels to watch are around 73,000 and 71,000. I won't miss the opportunity to enter long positions at the bottom here; cautious chasing for bulls.

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ETH

Ethereum's weekly chart (Chart 5) is consistent with Bitcoin, still facing trendline resistance and showing a clear hammer bearish signal (Chart 6), with a rebound to the 0.382 Fibonacci retracement level, with no signs of breaking through yet.

Then, the daily chart shows a bearish arrangement with downward movement and a dark cloud cover pattern (Chart 7); the 4-hour chart shows a falling wedge pattern combined with a hammer bearish signal (Chart 8), indicating the bulls are nearing the end of their phase.

Ethereum summary analysis: Overall weaker than Bitcoin, still a good opportunity for short positions at the bottom. Watch the resistance around 2360-2400 for adding positions, and key supports are near 2200 and 2130.

$BTC ‌$ETH #比特币现货交易量新低 ‌ ‌