[November 4th $SOL Market Analysis: A rebound is not a reversal, weekly decline is brewing]

Yesterday, the index plummeted, dropping all the way down to the 163 position. With the decline at the start of the week, it is highly probable that we will see a breakdown in this week's weekly line, but it is only the beginning of a weekly level downtrend.

In terms of weekly volume, the distribution trend of Bitcoin has completed, basically declaring that altcoins are at the end of their road. Yesterday's bearish candle counts as the first bearish candle, and as long as Bitcoin closes bearish for the next two days, it will initiate a three consecutive bearish trend leading to a daily downtrend. However, the current VR indicator value is still too low, so further decline is not very realistic. Additionally, there is a false short trend appearing on the upper BOLL of the current 4-hour chart, which means the daily chart still has not completed the false long trend. Today, we should first look for a rebound for recovery before seeking shorting opportunities.

Today's short-term pressure for the index is at 173. Whether this position holds will determine if we can reach the better pressure zone at 179-180. Aggressive traders may look to short at 173, while conservative traders may seek shorting opportunities at 179-180. Currently, the only support below is at the daily level support of 155. The two support levels at 155 and 149 will serve as the last Macedonian defense for the index.