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May 22nd Bitcoin and Altcoins on the Silk Road
Bitcoin and Altcoins are overall not seeing large fluctuations. They still maintain a range-bound sideways consolidation. The price action is about the same as yesterday. After several attempts to spike higher, it will fall back and consolidate. In the early morning, Bitcoin touched the 78,000 level, and it is now entering the pullback phase after the spike.
There is some technical momentum for a modest rebound in the short term. Prices will most likely move to test the key resistance level above. However, this rebound lacks follow-through. The overall larger trend still leans downward, and the situation in which bears dominate has not changed. In terms of execution, it still mainly focuses on selling high.
Bitcoin
To 77,700-78,000, look for the intraday target at 75,500
Altcoins
If the price reaches 2,150-2,170, the intraday target is 2,050
$BTC $ETH