Tech Analysis for May 15: Can BTC and ETH Drop Any Further?
Yesterday's news caused BTC to bounce back to around 820, but this rebound feels a bit sketchy. After a solid drop, we saw a quick retracement back to square one. However, the bearish sentiment is undeniable; the market trendline is still in this range, and it's just a matter of time. ETH briefly touched 2300 before coming right back down to its starting point. Overall, the market is currently in a bearish state, and a decline is inevitable. Whether we enter a bear market or if I believe the broader trend is positive, a significant pullback is needed before any upward movement can occur. If we do enter bear territory, the bearish outlook stands firm. Even if prices are set to rise later, a substantial pullback is required first. Any rebound should be viewed as an opportunity to short unless the price decisively breaks the trendline and stabilizes above 83000, at which point we could aim for the 86-90 range.
Intraday Analysis
BTC is currently pushing back up to the 820 level. After a bullish four-hour candlestick, the second candle has retraced slightly, landing near the third point of the four-hour boundary. Here, 82 is a significant resistance level, and keep an eye on the 810-816 range for potential resistance. This area could be where we see a pullback. The first line of defense below is around the 78-79 zone, with 78 being critical; a break here would target the 76 area for further dips.
ETH appears slightly weaker; it followed the rise yesterday but only reached the intraday resistance zone, showing minimal gains. It essentially returned to square one, leaning towards a bearish trend. The 2260 support level has already been breached, so if a weak market continues, the next support zone to watch is between 2180-2220.
Yesterday's news caused BTC to bounce back to around 820, but this rebound feels a bit sketchy. After a solid drop, we saw a quick retracement back to square one. However, the bearish sentiment is undeniable; the market trendline is still in this range, and it's just a matter of time. ETH briefly touched 2300 before coming right back down to its starting point. Overall, the market is currently in a bearish state, and a decline is inevitable. Whether we enter a bear market or if I believe the broader trend is positive, a significant pullback is needed before any upward movement can occur. If we do enter bear territory, the bearish outlook stands firm. Even if prices are set to rise later, a substantial pullback is required first. Any rebound should be viewed as an opportunity to short unless the price decisively breaks the trendline and stabilizes above 83000, at which point we could aim for the 86-90 range.
Intraday Analysis
BTC is currently pushing back up to the 820 level. After a bullish four-hour candlestick, the second candle has retraced slightly, landing near the third point of the four-hour boundary. Here, 82 is a significant resistance level, and keep an eye on the 810-816 range for potential resistance. This area could be where we see a pullback. The first line of defense below is around the 78-79 zone, with 78 being critical; a break here would target the 76 area for further dips.
ETH appears slightly weaker; it followed the rise yesterday but only reached the intraday resistance zone, showing minimal gains. It essentially returned to square one, leaning towards a bearish trend. The 2260 support level has already been breached, so if a weak market continues, the next support zone to watch is between 2180-2220.