BTC has been falling since reaching an all-time high price of $69,000 on Nov 10. The downward movement continued until Jan 24, when BTC reached a low of $32,917.
However, it bounced immediately afterwards, creating a long lower wick in the process. The bounce also served to validate the support line of an ascending parallel channel (green icon), which has been in place since April.
If the upward movement continues, the $40,500 horizontal area would be expected to act as resistance once more.
ETH has also been falling since reaching an all-time high price of $4,838 on Nov 10. The downward movement accelerated once the token broke down from an ascending support line and validated it as resistance on Dec 27.
