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Bitcoin/Ethereum experienced another significant drop towards the end of the weekly candle close, with the weekly trend fully deteriorating. The current lows will not serve as the bottom, and there is still room for further decline in the following trend. However, the most recent four-hour chart shows a massive bearish candlestick with a long lower shadow, indicating some buying support during the decline, though the overall downward momentum remains strong. From a technical perspective, on the four-hour chart, both the DIF and DEA lines of the MACD indicator are running below the zero axis, and the DIF line continues to cross below the DEA line. The MACD histogram is negative and expanding, suggesting that bearish forces are dominant and the downward trend remains intact. In the short term, after a rapid descent, the market still has room for a rebound and correction. The upper ranges of 76,000 to 76,500 for Bitcoin and 2,200 to 2,240 for Ethereum—which acted as sideways trading zones over the weekend—now pose new resistance for this round of trend reversal.
Trading suggestion: Go long on Bitcoin near 74,000 to 74,500, with a target around 75,800; go long on Ethereum near 2,110 to 2,130, with a target around 2,180; stop losses at 73,000 and 2,080, respectively.
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