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May 18 Bitcoin Short-Term Analysis
Just now, Bitcoin tested the bottom again and hit a new low, directly reaching the major support level at the 765 weekly line, forming a pin pattern, indicating that there are buyers absorbing the sell-off 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 weaker than that of the main coin, the weekly chart is trending downward, and the daily chart has also declined. However, during the secondary Bitcoin decline, it has not broken new lows, with 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 levels: around 2132, 2160, 2198, 2233, 2260
Nearby support levels: around 2112-2100, 2080, 2049, near 2100
Note: For reference only, not investment advice.
$ETH