May 20 Morning Analysis

From the Bollinger Band structure, the 1-hour Bollinger upper band has turned downward, and the channel is showing a converging and bearish pattern. The midline at 76,826 forms a strong resistance level, with prices repeatedly bouncing up but encountering resistance and falling back, unable to stay above the midline. The bullish rebound momentum is very weak.

In terms of trend, the market shows a gradual decline in highs and weak rebound, with a weak oscillating pattern. The candlesticks repeatedly face resistance at the midline, with short-term bearish candles dominating, and selling pressure continuously releasing. The lower Bollinger band remains as support at a low level, and the overall channel's center of gravity is slowly shifting downward. The medium-term downtrend has not reversed.

In terms of volume and price, volume shrinks during rebounds, while volume increases significantly during pullbacks, indicating insufficient bullish support and dominance of the bears. Currently, the price has fallen back below the midline, strengthening the bearish trend. The area between 768 and 771 forms a strong resistance zone; if the price cannot break above it, bearish outlook is favored. The first key support level is the lower Bollinger band at 76,457. If it is effectively broken downward, the downside space will further open, and the probability of continued weak decline increases.

Trading suggestion: Buy within 77,200–77,700, target 75,200–75,700. $BTC $GT $ETH #