April 17th Technical Analysis: Can BTC and ETH's recent highs hold?

In yesterday's video, I discussed the overall market trend and current market environment. Although a wave in the inscription market drove some altcoins higher, it was only temporary and did not boost overall market liquidity. Only some coins saw decent gains. Once Bitcoin and Ethereum pull back, these strong gains will likely see significant retracement. So, this is something to watch carefully. Bitcoin is now forming a double top at the 76,000 level, making these days very critical. Ethereum also formed a double top at around 2,400. This stage is quite risky. The explanation was clear in yesterday’s video; you can check the replay. Yesterday, Bitcoin’s pullback was not strong; after a quick dip on the four-hour chart, it immediately rebounded. This is a bullish and bearish explosive rhythm. Ethereum’s movement is similar, approaching the support at around 2,260 and starting to rebound, testing the downward move. So today’s trend is still downward. Currently, I hold short positions, with a clear double top bearish outlook.

Intraday Market Analysis
On the four-hour chart, Bitcoin quickly rebounded after yesterday’s dip, approaching the 76,000 level again. However, the rebound was not very strong. It dropped again early morning. Currently, the first support level to watch is around 72,000–73,000, and the second support is around 69,000–70,000. As mentioned yesterday, this could be the last opportunity to enter the market this year. If the market doesn’t give another chance this month, it might not come back to such low levels later. Waiting for a low point might be futile. For spot trading, just enter positions on dips; buy the dips. For futures, consider buying on dips to follow the trend.

ETH is similar. Yesterday, it approached 2,260, with a low near 2,285, then rebounded sharply under Bitcoin’s influence. On the four-hour chart, the double top at 2,400 is basically confirmed. Now, it depends on how support at 2,260 holds. If broken, the next support is around 2,200. The last potential entry for spot trading might be around 2,100 (though this is not guaranteed). So, any retracement can be an entry point. The biggest support zone on the daily chart is between 2,030 and 2,120. Entering long positions or spot buys in this zone is feasible, but be cautious about whether the market will reach this zone to give you an entry opportunity.