May 16 Saturday Afternoon Market Analysis

Yesterday, Bitcoin generally maintained a high-level range with oscillations, initially testing higher levels but facing resistance, then the market experienced a rapid decline to shake out weak hands. After retracing to key lower support levels during the dip, it gradually stabilized and recovered. During this process, bearish traders' panic was released in bulk, a large amount of floating positions were washed out, and the price did not continue to fall sharply. By the end of the session, it slowly regained some of the losses, and the overall decline did not break the medium-term upward structure. Ethereum followed Bitcoin's movement in tandem, with a controlled overall correction. After sufficient selling pressure was released, the bulls' buying power began to gradually return.
From the current chart, after a rapid drop on the 15-minute timeframe, indicators have entered a clear oversold zone. MACD bearish momentum continues to weaken, about to complete a low-level golden cross reversal. The lower band of the Bollinger Bands provides strong support, stopping the downward trend.
In terms of trading strategy, it is suitable to start positioning long positions in advance. Once a stabilization and breakout above short-term resistance occurs, the upward potential will further open. The overall market outlook is primarily bullish.
BTC trading suggestion: Buy near 78,300-78,700, as weekend trading is sluggish, profit-taking is not necessary.
ETH trading suggestion: Go long around 2,200, add positions at 2,160, and 2,120 for averaging in. Take profits at 2,250-2,300.