BTC is showing its first retracement signal, and the stage might be set for a breakout! Here's what you need to know:
Bitcoin's daily trend is showing a bearish engulfing candle formation, indicating a potential reversal. Trading volume has surged, surpassing the previous bullish candle, confirming that a key top pattern may be forming. However, we are still in a narrow range of fluctuations, and despite the pullback, no clear technical pattern has emerged yet, meaning it's not time to short just yet.
Hourly trends are a bit wild with spikes, but still no actionable signals for a breakout. Currently, Bitcoin has slipped below the trendline, and while it's continuing its decline, there's a lack of proper structure for trading decisions. The market feels sluggish and choppy, so it’s better to sit tight and wait for a clear breakout before making any moves.
Ethereum, on the other hand, is fluctuating around the critical 2,315 support level. This area is packed with multiple technical overlaps, making it a strong support point. Even if it dips below, a pin bar may form, and we could see a reversal. Keep an eye on that 2,315 support—if broken, set your stop losses and prepare for possible volatility.
Bitcoin Support Levels:
* **105,300** (bullish cipher pattern + three-wave primary upward wave overlap)
* **103,000** (daily level large bullish candle midline + 0.618 retracement overlap)
Ethereum Support:
* **2,315** (two-wave overlap + wave high point, key support level)
⚠️ Actionable Tip: **Patience is key** right now. The market is slow and lacks strong swings. Hold tight, wait for a breakout, and don’t get caught in the choppy price action.
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