Tech Analysis on May 20: Will BTC and ETH Stabilize and Bounce Back?
Right now, it's a bit awkward with BTC hovering around the middle of its range. It hasn't fully dipped yet, but ETH has reached the expected trendline. The downside space is pretty limited now; even if BTC falls into the 72-70 range, ETH will probably just spike down to a little over 1900 before bouncing back. It's also possible that ETH won't break below 2000, so at the current 2100 level, it's definitely a good time to enter ETH without worrying about further downside. If BTC stabilizes at 76, then we can expect a bounce back towards the 85-90 range. So, keep a close eye on 76 this week; entering ETH now is advisable—don’t wait. Right now, the bearish sentiment has reached its target; it’s not about flipping between bullish and bearish—it’s about hitting the target and then entering.
Intraday Insights
BTC is currently finding support at 76, which is the middle of the current trend. As long as it doesn't break this support on the 4-hour chart, the resistance is seen in the 78-80 range. If it breaks above 80, we can confirm a direct lift-off. The middle range is hard to determine, so we'll first see if 76 holds over the next couple of days. If it breaks down, we could see 75 and then a direct drop to the 72-73 range—time to bottom-fish without waiting. If 76 holds over the next few days, we should keep an eye on the short-term resistance at 78-80. Let's see if we can break and stabilize above 80; that will give us a clearer market signal.
ETH has now dipped to the trendline area. According to the current trendline, the 2030-2080 range has already been touched. Even within this range, there's not much downside left, so this is a good time to stealthily enter the market. Internally, we're already positioning for bullish ETH trades; now we just wait for the market to erupt. Whether BTC makes another dip before rising or stabilizes and moves up won't significantly impact ETH, especially since we've set up our defense on ETH. For intraday support levels, keep an eye on the 2060-2100 range, while the resistance for ETH compared to BTC's 78-80 range is at the 2180-2220 level.
Right now, it's a bit awkward with BTC hovering around the middle of its range. It hasn't fully dipped yet, but ETH has reached the expected trendline. The downside space is pretty limited now; even if BTC falls into the 72-70 range, ETH will probably just spike down to a little over 1900 before bouncing back. It's also possible that ETH won't break below 2000, so at the current 2100 level, it's definitely a good time to enter ETH without worrying about further downside. If BTC stabilizes at 76, then we can expect a bounce back towards the 85-90 range. So, keep a close eye on 76 this week; entering ETH now is advisable—don’t wait. Right now, the bearish sentiment has reached its target; it’s not about flipping between bullish and bearish—it’s about hitting the target and then entering.
Intraday Insights
BTC is currently finding support at 76, which is the middle of the current trend. As long as it doesn't break this support on the 4-hour chart, the resistance is seen in the 78-80 range. If it breaks above 80, we can confirm a direct lift-off. The middle range is hard to determine, so we'll first see if 76 holds over the next couple of days. If it breaks down, we could see 75 and then a direct drop to the 72-73 range—time to bottom-fish without waiting. If 76 holds over the next few days, we should keep an eye on the short-term resistance at 78-80. Let's see if we can break and stabilize above 80; that will give us a clearer market signal.
ETH has now dipped to the trendline area. According to the current trendline, the 2030-2080 range has already been touched. Even within this range, there's not much downside left, so this is a good time to stealthily enter the market. Internally, we're already positioning for bullish ETH trades; now we just wait for the market to erupt. Whether BTC makes another dip before rising or stabilizes and moves up won't significantly impact ETH, especially since we've set up our defense on ETH. For intraday support levels, keep an eye on the 2060-2100 range, while the resistance for ETH compared to BTC's 78-80 range is at the 2180-2220 level.
