Bitcoin's monthly opening has seen a decline, with the current price dropping below 115,700 and 114,700, hitting a low of 112,660. Currently, the overall rebound strength appears weak, and the daily chart is retesting previous high support. Attention should be paid to the support range of 110,800 to 112,000, which also aligns with the support of the daily upward trend line. The daily Bollinger Bands have elongated the entire adjustment cycle, and we must guard against a true drop below 112,000.

Affected by the falsified non-farm payroll data, U.S. stocks experienced a sharp decline after nearly three months of continuous growth, breaking historical highs. The current pullback is temporarily viewed as a test of previous high support, and it is crucial that this support does not break again. The previous high support is critical in determining whether the bat pattern at 1.13 will form a reversal.

Bitcoin

Bitcoin has seen two consecutive days of decline, with over 800 million flowing out of ETFs yesterday, marking the second-largest single-day outflow since the introduction of ETFs. The daily chart shows the MACD zero axis crossover of the fast and slow lines, with an accelerating outflow situation. It has broken below the 20-day platform support, and short-term attention should be on the resistance levels of 114,000 and 116,000.

The daily chart has not broken below the Fibonacci 0.236 support near 111,700. Therefore, the previously mentioned support at 112,000 cannot be broken by a large bearish candle. If it does break, it would indicate a false breakout in a larger cycle.

Support: 110,800—112,000

Resistance: 114,000—116,000

Ethereum

Ethereum has also seen two consecutive days of decline, dropping nearly ten points. Previously, it was noted that there was an ascending triangle pattern, and two support levels at 3,767 and 3,500 should not be broken. However, it has now reached a low of 3,429.

Both support levels have been broken, and the 20-day moving average has also been breached, with Fibonacci breaking below 0.236. The next support levels are 3,350 and 3,250, and from a larger cycle perspective, it is difficult to break through due to the pressure from the weekly triangle convergence.

Support: 3,050—3,250—3,350

Resistance: 3,535—3,650—3,750

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