May 20th Trend Analysis: Daily Chart Continues to Decline, When Will It Reverse?
Bitcoin started to turn bearish around 77800 after a bounce, with the daily chart consistently moving downward. This morning's 8:00 weekly close also showed a full bearish candle. If we’re talking about a major reversal from this position, the downside potential for Bitcoin won’t be too significant. Looking at the weekly chart, the 75000 level is crucial. If we don’t see a solid bounce around 75000, this minor retracement phase will likely come to an end. 75000 is Bitcoin's lifeline; if it breaks decisively this week, we could see a cliff dive.
Today's outlook: Bitcoin is expected to have a base-building bounce around 76000. If 76000 is breached again, we could see levels down near 74500. Currently, with prices around 77000, it might be worth entering a long position, with stops set at the 76000 mark. As for Ethereum, the 2050 level is also a key support; if it holds, it could be a good spot to take a shot at a mid-term bounce, with stops at 2050!
Trading Suggestions:
BTC Long at 76500-77000, aiming for 77500 - 78500, stop at 76000.
ETH Long at 2090-2130, aiming for 2210 - 2290, stop at 2050.
The views, conclusions, and suggestions in this article are for reference only and do not constitute investment advice. The market carries risks; invest cautiously.
$BTC
$ETH
Bitcoin started to turn bearish around 77800 after a bounce, with the daily chart consistently moving downward. This morning's 8:00 weekly close also showed a full bearish candle. If we’re talking about a major reversal from this position, the downside potential for Bitcoin won’t be too significant. Looking at the weekly chart, the 75000 level is crucial. If we don’t see a solid bounce around 75000, this minor retracement phase will likely come to an end. 75000 is Bitcoin's lifeline; if it breaks decisively this week, we could see a cliff dive.
Today's outlook: Bitcoin is expected to have a base-building bounce around 76000. If 76000 is breached again, we could see levels down near 74500. Currently, with prices around 77000, it might be worth entering a long position, with stops set at the 76000 mark. As for Ethereum, the 2050 level is also a key support; if it holds, it could be a good spot to take a shot at a mid-term bounce, with stops at 2050!
Trading Suggestions:
BTC Long at 76500-77000, aiming for 77500 - 78500, stop at 76000.
ETH Long at 2090-2130, aiming for 2210 - 2290, stop at 2050.
The views, conclusions, and suggestions in this article are for reference only and do not constitute investment advice. The market carries risks; invest cautiously.
$BTC
$ETH