Haibei analysis: Replaying the 7.19 weekly-line BTC/ETH chart

ETH’s weekly chart rebounded after plunging from the high point of 3402.36 down to 1504.11. In recent weeks, it has continued to close multiple consecutive rebound bullish candles. During the decline, bearish momentum has gradually been fully released, and the short-term bullish repair pace remains stable. Weekly trading volume has clearly contracted compared with the main sell-off period; rebound volume has been modestly expanding. This is a weekly-level technical rebound within a downtrend. The prior downward gap overhead and moving-average suppression are still in place. The rebound rhythm is more like a choppy upward move, and no trend-reversal structure has formed yet.

BTC’s weekly high was 97,888 and it later fell to a low of 57,770. Currently, it is showing a weekly-level rebound supported by low-area support, with strong correlation to ETH’s price action. BTC’s weekly short-term moving averages have not yet completed a bullish turn. Overall, it is still a repair setup after a major drop. Weekly volatility has narrowed and volume is relatively dull. The rebound strength is weaker than the earlier uptrend. Overhead medium-term resistance zones are relatively close to the current price. On the weekly timeframe, the move should be viewed as a weak rebound, and it has not yet broken out into a clear bullish trend.

‼️The above is only a reference for technical chart analysis and does not constitute any investment advice. Crypto asset trading is highly volatile and carries extremely high risk. Please manage your position sizes yourself and trade cautiously.