Evening Thoughts on May 21
The Bitcoin daily chart is currently showing three consecutive bullish candles, with significant lower wicks. Although the bears have made a strong struggle, the bulls have still maintained an advantage these past two days, consistently recovering lost ground. However, there is still upward pressure from the parallel high levels. Currently, there is a large double bottom structure, and the bullish momentum seems to have mostly been released. Bitcoin has been consolidating at high levels, seemingly poised to break upwards again. After testing the previous high of 108000 and facing resistance, as long as the upper pressure remains unbroken, the bearish trend will not change. Continuing with the morning thoughts, one can keep shorting at high levels!
Bitcoin: Short around 107300-106800, looking down to 104500-104000
Ethereum: Short around 2560-2540, looking down to around 2460
