The weekly closing of Bitcoin shows a double bearish engulfing pattern with a bullish candle in between. Additionally, the market opened lower today, indicating a short-term downtrend. The daily chart's triangular structure is currently testing the support below, with a possibility of breaking it. Therefore, we need to pay attention to whether it will bounce back after retesting the low point or if it will break down and then recover—both scenarios would be favorable for bulls; otherwise, from the perspective of technical indicators and naked K-line indicators, the overall trend remains bearish.

The weekly trend of Ethereum is even more pronounced, with two sets of double bearish engulfing patterns formed over the past six weeks. The market opened lower this Monday, and the daily chart has formed a descending channel. Since the weekly MACD crossed below the zero line, "the gentleman" has pointed this out. The daily chart is once again testing the support around 3660, with a similar probability of testing the low point from the sharp drop on October 10, or even breaking below it.

Bitcoin

Since the sharp drop on October 10, Bitcoin has recorded 12 bullish candles and 11 bearish candles over 23 trading days. The rebound has not broken through 116,000, so the upward space cannot be opened. It is currently still testing the lower edge of the converging triangle. In this case, there is a probability of breaking down and then testing the previous low point again, or even further breaking down; if bulls want to continue the trend, they need to first break down and then recover, even in the worst-case scenario.

On the daily chart (based on the closing price in Singapore time), the OBV indicator has been declining recently but has not broken below the lows from early September and October 10, which is worth noting. Many people will compare this to the previous bull market's end and the subsequent correction after reaching a second high, with the current 100,000 being the key dividing line between bull and bear markets—if this level is broken, it will increase the probability of a bear market, making these levels crucial.

● Support: 101516—103400

● Resistance: 111200—116000

Ethereum

The daily chart continues in a descending channel, with consistently lower highs, and the price has not returned to the range. The overall trend is weak. However, despite Ethereum's poor performance, "the gentleman" is not too worried about it and is more focused on Bitcoin's support situation. The ETH/BTC exchange rate has been suppressed by the descending trend line, and while there will definitely be opportunities for a breakout later, it will take time; from the perspective of the downward rhythm, it is currently still in the downward wave A, and we need to pay attention to the subsequent rebound wave B.

The 4-hour chart has formed a descending triangle, testing around 3660 five times, indicating short-term support here. However, "no break, no stand," so it is still not an ideal opportunity to bottom out; patience is advised.

● Support: 3435—3660

● Resistance: 3920—4300

If you like my views, please like, comment, and share, and let's navigate through the bull and bear markets together!!!

This article is time-sensitive and for reference only, updated in real-time.

Focusing on K-line technical research, sharing global investment opportunities. Public account: BTC Trading Gentleman Fusu

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