From the perspective of the big cycle, the dominant trend led by the “head” pattern on the chart has not changed, and the medium- to long-term “head” structure continues to control the market. After a large-volume sell-off in the early stage on the 4-hour timeframe, the current price is only making a weak, modest rebound. This is a technical repair following a big drop; the rebound strength is weak, and there is no reversal momentum.

Technically, the Bollinger Bands’ three lines are all opening downward in sync. The upper, middle, and lower bands continue to move lower, with no signs of the bands converging and turning. The “head” channel structure remains intact, confirming that the broader environment is still bearish.

With the MACD indicator as supporting evidence, the bearish green histogram bars have slightly narrowed in volume, indicating that short-term sell pressure has temporarily eased. However, both the fast and slow lines are still running in the bearish zone below the zero axis, and the “head” layout has not been broken. The short-term reduction in volume is only a brief pause for rest, not an end to the “head” trend. This weak rebound is unlikely to change the bearish setup; there is a high probability that if the rebound meets resistance, it will fall again.

BTC rebound “head” is around 63,600–64,200; look lower toward 62,800–61,300.

ETH rebound “head” is around 1,770–1,810; look lower toward 1,740–1,650.