Just checked the charts and Bitcoin's been on quite a run down since that peak back in October. We're now hovering around the 77K area after that February dip, but the bigger picture is still pretty bearish if you look at the technicals. From the ATH of 126K, we're down roughly 40%, which is significant. The daily chart keeps showing lower highs and lower lows, and the MACD is still flashing death cross signals on the daily timeframe.

Looking at the hourly action, we're stuck between 75,400 and 77,000 right now. The RSI is hovering around that neutral 50 mark, so there's not much conviction either way at the moment. But here's the thing - the daily EMA120 is way above current price, which tells me the longer-term trend is still pointing downward. The bearish momentum on the daily MACD hasn't really flipped yet, and both DIF and DEA remain negative.

From a trading perspective, I'm watching for shorts on any bounces toward 77,200. If we hold below 73,000, the next level I'm tracking is around 71,000. For those looking to go long, I'd want to see support hold around 73,500-74,300 before considering it, with stops tight below 72,700. Ethereum is showing similar weakness - 2,340-2,300 looks like resistance if we bounce, with 2,100-2,140 as a potential support zone for lighter longs.

The key here is patience. Every bounce feels like an opportunity to add shorts rather than a reversal signal. The technicals just aren't aligning for a sustained recovery yet. We've seen four months of consecutive losses, which hasn't happened since that brutal 2018 run from 10K down to 3,100. That's the kind of environment we're in right now.