5.19 Afternoon Bitcoin and Ethereum Market Analysis!
Today peaked at 107,000 and today is Monday, a new weekly candle just started. This kind of peak and drop market has broken all small-level support patterns, and in the short term, I do not expect it to make a second peak. At least it needs to complete a daily-level correction before the market has a chance to go up, which will take at least a week. So for those chasing highs, I suggest taking profits when there is a rebound. The intraday resistance is at 104,000. At least a four-hour close must break this resistance for the bullish pattern to be considered repaired. It is not recommended to blindly go long before breaking 104,000 in four hours. The market will continue to explore near the two support levels of 101,400-108,000. A rebound long position can be attempted near 101,000 with a small position and proper stop-loss. Trading strategy: focus on shorting during the rebound, and a small position can be attempted near the resistance around 104,000.
The daily chart for Ethereum did break down yesterday, and today it can be confirmed that this daily chart is bearish. The Ethereum market has clearly shown weakness in the upward movement, following the downward trend without responding to the upward. Pay attention to the resistance levels during the intraday rebound at 2,410-2,466. If these two resistance levels are not broken during the rebound, the market will continue to see a daily correction. The target support below is 2,270-2,160 with a stop-loss at 2,000. During the intraday rebound, pay attention to the range of 2,440-2,460 for potential short positions, and manually exit if the four-hour close breaks 2,460.
