April 16th Technical Analysis: Will Bitcoin (BTC) and Ethereum (ETH) rebound today and signal the market is about to take off?

Yesterday, we discussed that the current trend of Bitcoin and Ethereum shows a double top at previous highs. Yesterday also saw a daily-level close with a downward candle, but the overall decline wasn't very large. BTC only touched around 735, and ETH only approached 2300 points. Today, the daily chart opened with a gap and started rebounding upward, once again approaching the previous high levels. Over the next couple of days, the key is to see whether these double tops can fully confirm. If they do, then there's no need to consider a bearish double top scenario. However, if the price can break through this double top level and stabilize, then the market will be set to take off completely. Additionally, some altcoins experienced a surge today, which is a market anomaly—though not all coins, just some like the previously heavily fallen projects such as Audi and other distressed tokens. Today, they showed a rally. If Bitcoin and Ethereum can break through and stabilize above these levels, then altcoins are likely to explode. So, this is something to watch closely. For spot trading, just holding positions is fine now. Regarding futures, I also wrote an article yesterday emphasizing to keep going—regardless of the final outcome, I won't give up for now.

BTC and ETH Intraday Market Highlights

Bitcoin yesterday touched around 735 and then rebounded, approaching the previous high. The four-hour rally wasn't very strong. Currently, focus should be on the previous high resistance, which is the double top level. As mentioned earlier, paying close attention to this resistance line is crucial. If a double top is confirmed, the market will decline, and it won't be a small correction—meaning the market could go for another round. For intraday support levels, watch the low of yesterday around 735; if broken, then look at the first support at around 726 on the daily chart. The key support levels afterward are in the 706-696 range, which is a large-scale valid support zone.

Ethereum yesterday touched 2300 and then rebounded, following Bitcoin's trend. Currently, there hasn't been a direct breakout, but the resistance at the double top is critical at this stage. If the price breaks through and closes above this level with stability, then this week could see continued upward movement, driving altcoins to rally—potentially reaching 2500-2600, or even higher, into the 2800-3000 range. The overall trend for ETH remains bullish. In the short term, the focus is on whether the current double bottom will form and be retested. If the price cannot break through and stabilize today or tomorrow, then the market remains bearish. The first support level to watch is around 2260, with subsequent key support in the 2050-2120 daily support zone.