Bitcoin, Ethereum Prices Drop Significantly Amid Weakening Momentum

Zhou Yanling's latest market analysis for Bitcoin (BTC) and Ethereum (ETH) shows a significant drop in prices. According to Zhou, the market has been stalling for days, with weak rebounds and steadily declining values. The indicators initially seemed promising, but each refresh brought lower prices.

Last night's dip was substantial, dropping as expected to around 63,500. Now, the daily chart is retesting key support zones, and Bollinger Bands are tightening, waiting for a breakout. The Relative Strength Index (RSI) is at 41, indicating weakening but not yet oversold momentum.

The Moving Average Convergence Divergence (MACD) has expanded its green bars, suggesting bullish momentum has cooled off. Zhou advises focusing on the defense at 62,500-63,000, as holding this level still allows for range trading. Resistance is found above 64,800-65,500.