$BTC

Share the current market analysis.

Weekly:

Last week closed with a small bullish candle with a lower shadow, indicating that there is some support below, and no obvious signs of stagflation have appeared yet. The MACD has formed a golden cross above the zero line, so it is likely to continue testing the resistance near historical highs. We will observe whether clear reversal signals appear in the resistance zone to increase the basis for judgment.

Daily:

On May 9, the closing formed an engulfing line, after which it oscillated for 9 days, gradually forming a small symmetrical triangle continuation pattern. On May 18, a medium bullish candle closed with increased volume, breaking through the upper boundary of the symmetrical triangle. After a subsequent pullback and stabilization, the market is likely to continue testing the resistance near historical highs. We will continue to observe the subsequent candlestick patterns to increase the basis for judgment.

Summary:

The weekly trend is in the mid-term of a bull market, within an adjustment cycle. If it breaks out with volume and stabilizes above 108364, it will initiate a new upward trend. We will observe whether it breaks through or continues to test the resistance zone repeatedly.

The daily trend is in an upward trend, and there have not yet been any significant signs of stagflation reversal. However, the buying power is gradually weakening, having been stretched for 42 days, indicating a need for adjustment. We will observe whether this historical high pressure zone forms a continuation pattern or a reversal pattern to increase the basis for judgment.

Ethereum and most altcoins' weekly closing is in an engulfing line pattern, which belongs to a consolidation line. After a stretch, there is a need for adjustment. Currently, most are in an adjustment phase within the daily upward trend. We can observe the strength of bulls and bears during the adjustment cycle to determine whether it is a continuation pattern or a reversal pattern.