5.16 Friday Zhiming Morning Analysis and Suggestions
Bitcoin price formed a standard top-seeking pullback technical pattern after reaching the high point of 104,162, and under the pressure of profit-taking, the price gradually fell to the support level of 102,500. After completing the technical correction, the market quickly regained upward momentum, once again attacking the high point of 103,939. Ethereum, after reaching the high point of 2,603, entered a consolidation range.
On the 4-hour timeframe, the K-line price oscillated within the range, forming multiple small candlesticks. The MACD histogram gradually narrowed, and the fast and slow lines approached the zero axis. The RSI on the 4-hour level hovered around 50, not entering the overbought or oversold zones, indicating neutral market sentiment. Overall, the oscillating market is expected to continue for some time; operationally, one can confidently trade high at the upper range and low at the lower range.
Trading Suggestions:
Bitcoin: Short near 104,000-104,500, look for 103,000-102,500
Ethereum: Short near 2,570-2,590, look for 2,530-2,500
