May 21, 2023 Morning Bitcoin and Ethereum Market Analysis
Bitcoin entered a volatile upward mode after hitting a bottom last night, reaching a peak near 107,300 before a pullback occurred. The current candlestick pattern shows a doji combined with a shooting star, indicating that there is a certain downside risk in the market. The short-term market may enter a phase of consolidation or technical pullback due to insufficient momentum.
Key resistance level to watch remains at the 107,300 mark; if the price can effectively break through this resistance level, an assessment of upward space needs to be reevaluated. From a technical perspective, there is significant selling pressure around 107,300, coupled with a continuous weakening of the MACD momentum indicator, suggesting that short positions could be established near this resistance level. Support levels to focus on below are 106,400, 105,900, and 105,000 in sequence.
