May 23 BTC/ETH Miken Strategy

Night session news: US-Iran negotiations have once again reached an impasse, with one side saying an agreement is close, while the other repeatedly emphasizes significant differences. The weak consolidation platform that has been sideways for a week is vulnerable in the face of emotional optimism. The one who unties the knot must be the one to tie it; since news has dominated this year's market, we should give enough respect to the news. Before a clear direction emerges, follow the trend, participate less in left-side trial and error, as the costs and risks are not very worthwhile.

BTC: After confirming the low point of 76,000 on Black Monday, most of the time has been spent in a weak consolidation between 76,600 and 77,300. During this period, there was an attempt to break through the upper boundary of the large box at 78,500 but failed. Due to optimism and impatience in the night session, Bitcoin lost the 76,666 level. It may test the support around 74,400 during the day. Currently, the trend remains intact; those with an early position can set a floating stop to adjust the position appropriately. Before the news eases, there are no signals of a trend reversal in the market. Pay close attention to key signals in some critical areas below before considering entering a position. (See chart for details)

ETH: During the night session, under the influence of negative news, ETH directly broke through this week's long-term consolidation platform, reaching the old friend’s range of 2,038–2,075. It is currently showing a pause near the midline at 2,055. Watch whether it can re-enter the 2,075–2,100 zone, which is also a position to cover short positions, using the upper boundary of 2,100 as a defense. For long entries, try to buy within the old range, with 2,038 as a stop. Since this is left-side trial and error, position control is essential. There is also a strong support at 1,989–2,025. Subjectively, I don’t believe that vague market news will break through this level, as it took a lot of time earlier this year. Unless there is another conflict between the parties, this area should not be overly feared. (See chart for details)