May 18th Monday morning BTC/ETH market update

Bitcoin briefly tested around 78,400 in the morning but then gradually declined, with the lowest dropping to around 77,600. Overall volatility was limited, but the focus kept shifting downward, showing weakness. ETH also followed the weak consolidation, reaching a high of around 2,190 before facing resistance and moving lower, with the lowest around 2,160. There was no significant rebound during the session, and the bulls were completely suppressed.

The daily chart clearly shows a bearish pattern has been established, and the hourly chart remains under downward channel pressure, with each rebound lacking volume support. Fundamentally, the Fed's rate hike expectations have risen again, coupled with turmoil in the Middle East, causing high-risk assets to continue under pressure from high interest rate environments. Institutions are continuously selling at high levels, and the bearish force has fully taken control of the market.

Trading suggestions:
Bitcoin range: 78,600-78,100, consider shorting, target 76,000 within the day!
ETH range: 2,190-2,200, consider shorting, target 2,090 within the day.
$BTC $ETH