5.22 Bitcoin Ethereum Midday Market Analysis and Trading Ideas
From the daily chart of Bitcoin, after breaking through the historical high, the upper pressure level has been successfully breached. Although the price is deviating from the MA5/10 daily moving averages, the bulls still maintain strong momentum. The price on the 4-hour chart is currently rising along the MA5 daily moving average. The entry point for long positions is based on the opportunity to enter at the MA5 daily moving average, while for short positions, one needs to wait for a quick pullback after the market breaks a new high again.
From the daily chart of Ethereum, it has not yet welcomed the opportunity for a rebound. The daily price has currently reached the pressure level at the MA256 daily moving average, which is 2660. We need to pay attention to whether the price can stabilize above the 2660 line after a rebound today. On the 4-hour chart, the short-term pressure level is at the previous high of 2730. Attention should be paid to the situation regarding the breakthrough of this level.
Bitcoin: Short near 110800-111500, Stop Loss: 112500 Target: 109000-107000
Ethereum: Short near 2620-2655, Stop Loss: 2697 Target: 2580-2550
