Bitcoin dips notably this week, following overall risk sentiment. Overall outlook stays bearish, with price actions from 17575 low displaying clear corrective structure. Upside of the recovery was also capped below 25083 support turned resistance. Rejection by 55 day EMA is also another bearish sign. On resumption, next target is 61.8% projection of 32368 to 17575 from 24264 at 15121.
Ethereum’s corresponding rebound from 878.50 low was relatively stronger, as it’s support by medium term calling channel line. Yet, upside was also limited below 1674.60 support turned resistance. Thus, outlook is staying bearish for now. Break of 1316.80 minor support should resume larger down trend through 878.50 low.
