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Crypto Update: BTC, ETH, and BNB (May 21, 2024)
There's been a strong rise in BTC price, but analyst warns it might be short-lived.
Here's why:
Support and Breakout Levels: As predicted earlier, support is at 67200 and breakout at 67800. Currently, the price sits between 70500 and 67800, which seems positive on the surface.
Concerns Despite the Rise: The lack of confirmation on the ETH Spot ETF approval by SEC and the similarity to the previous BTC rise to 73800 followed by a sharp drop to 59000 raise concerns. This rise could be fueled by anticipation of the SEC decision, leading to a potential pump or dump depending on the outcome.
USDT Breakout: The USDT dominance recently broke out from a strong support area, similar to the past breakout. While a return to 4.55 or 4.60 is expected, this is a natural correction after a significant rise.
Overall, BTC's rise is positive but lacks certainty. Keep an eye on the SEC's decision for a clearer picture.
Ethereum (ETH) Update
ETH's breakout is encouraging, but it needs further confirmation:
Positive Penetration: ETH's penetration is a good sign, but unlike the recent BTC volatility, it might need another breakout or a minor correction followed by a renewed rise.
Key Levels to Watch: A price correction from 3450 to 3320 followed by a rise above 3500 is crucial. Breaking past 3650 could potentially push BTC towards 75000 or even 85000.
Trading Advice:
Avoid high leverage: Use caution when trading ETH and BTC with leverage.
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