May 18 Bitcoin Short-Term Analysis


Just now, Bitcoin hit a new low again after a dip, directly reaching the major support at the 765 weekly line, forming a pin pattern, indicating that there are buyers accumulating below.
Currently, the minute chart has started to stay above the zero axis, suggesting that selling pressure has eased. If it cannot stay above, it indicates that institutional selling pressure still exists above.
Although the MACD of Bitcoin is somewhat worse than that of Ethereum, the weekly chart is steadily declining, and the daily chart has also gone into the water, but during the last Bitcoin rally, it did not break new lows. There is a relatively strong support zone between 2100-2112.
Note: The 2112 level was a breakout point in last year's market, which eventually led to a new all-time high. Not sure how effective it will be this time!
Nearby resistance: around 2132, 2160, 2198, 2233, 2260
Nearby support: around 2112-2100, 2080, 2049, near 2100
Note: For reference only, not investment advice.
$ETH
BTC-1.14%
ETH-2.04%
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