Analysis on May 29th, early morning
From the 1-hour candlestick chart, Bitcoin has turned bullish after experiencing three consecutive bearish candles, but the lower Bollinger band has not yet closed, suggesting that there may still be a downward wave to follow.
However, from the 4-hour level, it has started to turn bullish and has not successfully broken below the lower Bollinger band. In the support area of the lower Bollinger band, the push has stopped after touching the lower band. The market is currently in a rebound, and the MACD is gradually converging, indicating that the short-term downward movement is decreasing, and it is likely to welcome a rebound.
In the analysis, we are mainly focusing on pullbacks in the early morning.
- Bitcoin: Trading in the range of 106000-106500, with a target around 108500-109000.
- Ethereum: Trading in the range of 2600-2620, with a target around 2680.
