$BTC

Share the current market analysis.

Weekly:

Last week closed with a small bullish candlestick on high volume compared to several exchanges, with long upper and lower shadows indicating fierce competition in the pressure zone. Currently, there is no clear sign of stagnation. It broke through the previous pressure level of 108364 but has not yet stabilized. We will observe whether it continues to stretch. After a clear pullback and a prolonged stabilization in the 108364 range, if a clear stop-loss signal appears, the probability of a true breakthrough will be relatively high. Subsequent K-line details will provide more judgment basis.

Daily:

The current market situation basically aligns with last week’s judgment. After breaking through the symmetrical triangle, it tested historical highs, reaching around 112000. Currently, after breaking through the important pressure level of 108364, it encountered selling pressure, forming a bearish engulfing candlestick on high volume. The bearish pattern appearing in the pressure area will strengthen its effectiveness. Additionally, this stretch from the low to the high lasted for 45 days, indicating a demand for adjustment. It is relatively close to the upward trend line. On May 24, a small volume inside bar was formed, indicating a consolidation phase. Therefore, the possibility of consolidation in the pressure zone is increasing, and there have not yet been significant top signals. We will observe subsequent K-line patterns to provide more judgment basis.

Summary:

The weekly trend background is in the mid-term bull market, currently in an adjustment cycle. It has broken through the pressure zone with high volume but has not yet stabilized. After a prolonged stabilization following a pullback, it is likely to initiate a new upward trend.

The daily trend background is in an upward trend. After breaking through the pressure zone, it was pushed down, forming a bearish pattern, indicating a potential need for adjustment. However, due to the upward trend background, the effectiveness of the bearish pattern will be weakened. We will observe whether strong top signals appear subsequently to increase the judgment basis.

Some strong altcoins are following Bitcoin's trend, while most altcoins are following Ethereum, which is in a consolidation trend. Ethereum's weekly close formed a small bullish candlestick with upper and lower shadows without a clear pattern and is still in a consolidation cycle. The daily level has formed a rectangular consolidation range around 2323-2738, with volume increasing on the rise and decreasing on the fall, still within a healthy upward trend but encountering important pressure levels during the adjustment cycle. Continue to hold patiently.