The weekly Bitcoin chart closed with a bearish engulfing pattern, and the bears are in control. If this week fails to recover half of last week's losses, the downtrend will continue. The key intraday resistance level is 116500-117000; a rebound to this range may provide a second opportunity to establish short positions. A drop below 112000 will test the 110000 level.
Ethereum is under pressure, with the 4360-4400 area forming strong resistance, while support below is seen at 4100. The market adjustment momentum is strong, and any rebound presents a short-selling opportunity at higher levels; do not blindly attempt to catch the bottom in the short term.
