These past few days, as the U.S. stock market adjusts, BTC and ETH have been stuck in a sideways range and not dropping when they “should,” which is viewed as relative strength. On the 4-hour timeframe, they’re currently forming a consolidation-to-rising pattern. The key target level overhead is 64,100. If price breaks through and holds above that level, then for the moment we won’t consider shorting at this position.

Looking at the daily chart, after a real break below a new low, it rebounded to the prior support-turned-resistance level that was broken out from—meaning it needs to go back to revisit the resistance around 65,500. This is also the best place to short on the higher timeframe.