5.23 Afternoon BTC/ETH Market Deep Analysis
I. Market Trend Review
Bitcoin (BTC) continued its strong performance in the morning session, reaching an intraday high of 111,743 before entering a high-level consolidation, then retracing to 111,162 to form a temporary support, and rebounding to 111,571 where it faced resistance. The afternoon session opened with a downward trend, dipping to the key support level of 110,416 before entering a sideways consolidation. Ethereum (ETH) found support at the price level of 2630 in the morning session, quickly rebounding to 2732 to form a phase high, and then faced pressure to adjust, currently maintaining a narrow range around 2660.
II. Technical Analysis
Bitcoin (BTC)
1. 4-hour level: The MACD indicator has formed a death cross, signaling a short-term bearish outlook, with bearish momentum gradually increasing. Key support is focused on the 110,000 psychological level; if effectively broken, the support zone below will be between 108,500-109,000; the resistance area above is located at 111,500-111,700, and breaking through this range may restore the upward trend.
2. 1-hour level: The RSI indicator has quickly retreated from the overbought region, indicating a significant weakening of short-term upward momentum, with the price requiring further adjustment.
Ethereum (ETH)
1. 4-hour level: Short-term moving averages have started to turn down, with the 2650-2660 range forming an important support band. If broken, the 2600 psychological level below will face testing; resistance is concentrated in the 2730-2750 area above.
2. 1-hour level: The middle band of the Bollinger Bands is forming resistance, with volume continuing to shrink, indicating a short-term weak consolidation trend.
III. Operational Suggestions
The current market is in a technical adjustment phase, and it is recommended to adopt a light position operation strategy:
- Bitcoin (BTC): Aggressive traders can lightly position long orders in the 110,000-110,500 range, with a target of 111,500-111,700, and stop-loss set below 109,800.
- Ethereum (ETH): Attempt light position long orders near 2650, targeting 2700, with a stop-loss set below 2630.
Medium to long-term investors are advised to wait for the price to stabilize effectively and form a bottom structure before positioning, with strict control of position risk.
