May 16 Morning BTC/ETH Analysis:
Good morning, friends!
Yesterday's market really reversed and shifted, significantly influenced by Powell's speech in the evening and the main force's control. Bitcoin repeatedly tested the daily support at 1014 without breaking it, showing relative strength. From the four-hour chart, it's not hard to see that the highs are gradually descending, indicating a clear overall downtrend. Additionally, with BTC and ETH options settlement starting today at 16:00, capital outflow is unavoidable, leading to a correction.
During the day, the focus is mainly on high volatility. The key point to note is the 1038 level; if it can break through and stabilize at this level, then the feasibility of a rebound can be considered; otherwise, any bounce will be just a correction, with support below at 1014-1006.
BTC: Consolidation near 1035-1040, defend at 800 points, target 1014-9940.
Ethereum, due to its smaller size and the main force entering altcoins, has recently performed stronger than Bitcoin. The trend still follows along, primarily focusing on consolidation, with attention to support below at 2461-2415.
ETH: Consolidation near 2540-2560, defend at 30 points, target 2461-2384.
The volatility during the day is quite large, please fasten your seatbelt!
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