May 18th Monday morning BTC/ETH 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. Throughout the session, there was no significant rebound, 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 high interest rate pressure. Institutions are continuously selling at high levels, and the bearish forces have fully taken control of the market.

Trading suggestions:
Bitcoin range: 78,600-78,100, consider shorting, target 76,000 intraday!
ETH range: 2,190-2,200, consider shorting, target 2,090 intraday.
$BTC $ETH
BTC-0.38%
ETH0.29%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 1
  • Repost
  • Share
Comment
Add a comment
Add a comment
CryptoSpecto
· 22h ago
To The Moon 🌕
Reply0
  • Pinned