5.9 Technical Analysis: BTC, ETH Weekend Highlights

Yesterday, Bitcoin and Ethereum directly rebounded and closed, with the daily candle for Bitcoin closing near 80, and Ethereum’s candle closing around 2300. Yesterday, I also mentioned Ethereum’s weak market performance. In the early hours, there was a somewhat stronger move, but this move wasn’t very strong, essentially moving in the opposite direction of Bitcoin. After the previous rally, Ethereum’s gains weren’t significant, and during the decline, Ethereum’s drop was more obvious, making it relatively weaker. Currently, the market is oscillating back and forth, just without a clear downward trend. Bitcoin rose from 65 to a high of around 83, which is likely the top of this wave, awaiting a correction. The question is how long it will take to reach the bottom. Although Ethereum shows weakness, the subsequent decline won’t be exaggerated. On smaller timeframes, the outlook remains bearish and corrective, but the overall trend is bullish.

Weekend Focus Points
BTC’s intraday four-hour support level shows a rebound, which is a normal market behavior. If the first support level at 78-79 breaks, then the mid-term strong support at 76 can be seen. There might be a rebound from here, or it could break through directly to the final bottom zone around 72-70, which is the last buy zone. So, the 76 level is a key point to watch for the future. Keep an eye on it. In the short term, the outlook remains bearish.

ETH is similar. Although the weak market performance doesn’t necessarily mean continued weakness later, for example, yesterday’s price held above 2260 without breaking down, then rebounded. This situation indicates that even if Bitcoin continues to decline, Ethereum’s drop won’t be large. The first support level to watch is around 2260. If it breaks, then look at the next support around 2180. Ultimately, the last defense line is between 2030-2120, corresponding to Bitcoin’s 70-72 zone.