The market continues to decline, and market sentiment is low. How should we interpret the upcoming market trends?

In recent days, Bitcoin has reached new lows continuously, and other mainstream cryptocurrencies are the same, not to mention altcoins, where any drop of less than fifty percent can be considered good. In the previous article's analysis, it was mentioned that the overall market sentiment is bearish, and I have reminded everyone of this. Currently, it still shows an overall bearish trend. Bitcoin's monthly line in October has dropped over 5%, ending a seven-year streak of October gains, breaking the saying of "golden September and silver October"... In recent days, major investment institutions, such as BlackRock, have been continuously selling off, leading to the continuous new lows in coin prices. The upward momentum without any pullback is created by them, and now the downward trend without a rebound is also created by them. Therefore, their holding movements can serve as a reference signal for our entry, which is what people commonly refer to as following the trend!
In a bull market, there is a pattern before a significant drop, which is a pin bar, and it often involves a deep decline. Therefore, with the appearance of that pin in October, we should pay special attention to the risks of chasing highs. You can go back and observe the previous daily candlesticks to study and you will find the pattern I mentioned.

Returning to the market, Bitcoin experienced another wave of decline during the day, hovering around the 3000 point mark, and there are currently no signs of a rebound, which means it could continue to move downward. So, how low can this wave of Bitcoin's correction go? Looking at the monthly chart, Bitcoin is currently undergoing a monthly level correction. According to past patterns, it could reach around 92000, with a minimum potential of 88000. This is the current outlook.
The resistance for Bitcoin today is at 107200, 111200, and 113900.
The support below is at 102000 and 100500.

Ethereum is still the same, it drops very smoothly without looking back. I checked the market, and there are still quite a few people who are long on Ethereum and have been caught in the last few days. Ethereum is now at the 3400 position, which is the starting point of the last round of rally, so there will be support around here at 3400. The hope for long positions lies here. If it breaks below the range of 3400 to 3300, we will have to watch for 3000 and 2800 nearby. Long positions for Ethereum are just waiting for a rapid drop followed by a quick recovery, or a secondary confirmation of a support level to go long.
The upper resistance for Ethereum today is around 3660.
The support below is in the range of 3400 to 3350.

A trend won't easily change; don't always think about trading against the trend!
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