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There is a mild positive in the BTC and ETH charts right now.

Both assets are holding ascending trendlines of higher lows on the daily timeframe. Since the February lows, each major pullback has found support at a higher level than the one before. That pattern is technically constructive.

But here is what I keep coming back to.

A trendline holding inside a macro downtrend is not a recovery. It is a pause. And right now both trendlines are so thin, so close to being tested, that a single bad daily candle wipes them out.

Let me show you exactly what I mean.

BTC: 74,240 - Pressing the Ceiling

The ascending trendline on BTC's daily chart is intact. Higher lows since February. That is real.

But BTC is simultaneously pressing against the top of the consolidation box that has contained price for weeks. The box ceiling sits at 75k. Multiple attempts to break above it have failed. The most recent attempt got close and faded.

The trendline is pointing up. The ceiling keeps rejecting. Those two forces are meeting right now at current price.

One of them has to give.

If the ceiling breaks first and BTC closes decisively above 75k, the next resistance cluster is 76k then 78k. And above that, the 80k level that would actually break the macro downtrend structure on a weekly close basis.

If the trendline breaks first and BTC loses the ascending support on a daily close, the box floor at 65,197 becomes the next test. Below that, 60k and then 48k.

Right now we are at the inflection point. Tho I am acknowledging the trendline as a mild positive, I want to be direct: it is fragile. Very fragile.

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ETH: 2,276 - Sitting Directly on the Trendline

ETH's situation is even more delicate than BTC's.

The ascending trendline on the daily is visible and it is holding. But ETH is not sitting comfortably above it. It is sitting directly on it. The current price of 2.27k and the trendline are essentially at the same level.

That means ETH has zero buffer.

A daily close below 2.27k and the trendline is gone. A daily close below 2.2k and the support structure has failed completely.

To the upside, ETH needs to clear 2.467k before the chart starts looking constructive. It has attempted 2.467k before and faded. That level is the first real test of whether buyers have any conviction.

The macro structure break for ETH remains at 2.6k on a weekly close. We are 350 points below that level and currently sitting on a trendline with no room for error.

Weekly Timeframe: The Context That Overrides Everything

Both daily trendlines look constructive when you view them in isolation.

Then you pull up the weekly chart and the picture changes.

BTC on the weekly is still making lower highs. The macro downtrend from 107K is intact. The weekly candles have not produced a close above the structure levels that would change that. One good week does not reverse a multi-month downtrend.

ETH on the weekly tells the same story. Still below 2.6k. Still below the level that matters.

The daily trendline is a reason to be less aggressively bearish in the very short term. The weekly structure is a reason to remain cautious overall. Both things are true simultaneously.

My Stance: Still in Cash

I moved to cash when BTC turned bearish. I am still in cash.

The trendlines give me a reason to watch closely rather than ignore the chart. They do not give me a reason to deploy capital ahead of the confirmation signals I have been waiting for.

What changes my view: BTC weekly close above 80k. ETH weekly close above 2.6k. Until then, patience.

What Premium Members Are Getting This Week

Free gives you the picture. Premium gives you the exact game plan for every scenario this week.

Inside premium today, members are getting:

  • The specific daily candle formation on BTC that tells me the trendline is about to break before it actually breaks

  • Exact entry plan if BTC pushes through 75,047 with conviction this week, including size and stop

  • ETH's precise trendline level day by day this week and what I do if 2,270 closes below on a daily basis

  • How I'm thinking about the trendline holding scenario versus the breakdown scenario in terms of probability given the weekly structure

  • The updated three-scenario framework with this week's specific trigger candles

If you are watching these trendlines without knowing exactly what you do when they break either way, you do not have a plan.

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Victor

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