5.24 Initial Analysis of Afternoon Thoughts
From the hourly technical chart of Bitcoin, the market retraced overnight, and is currently undergoing a brief recovery, with prices approaching the middle band of the Bollinger Bands, showing a clear weakening of bullish momentum. The RSI indicator has entered the 30 range, while the MACD indicator's dual lines are below water and turning upward. The red bearish volume bars are decreasing, indicating a short-term demand for a rebound in the market. Bullish strength is gradually accumulating, and the support level below is effective, as two attempts to break the support near 107000 have been corrected. Therefore, for today's afternoon strategy, it is recommended to first look for a continuation of the rebound.
Bitcoin: Enter at around 107500 to 108000, target near 109500.
Ethereum: Enter at around 2510 to 2540, target near 2600.
