5.21 Bitcoin/Ethereum rebound is not a reversal, just a consolidation during a decline

Bitcoin/Ethereum has rebounded somewhat since its peak, especially with Bitcoin's overall trend still relatively strong, once again approaching the 78,000 level. Although it appears quite strong overall, the downside space remains significant. The latest 4-hour chart shows a small-bodied doji candlestick, indicating fierce competition between bulls and bears, and the market is in a consolidation phase. On the daily chart, the recent two days' candlesticks are both bullish, showing signs of short-term stabilization and recovery, but overall it remains a rebound within a downtrend.

On the weekly chart, several previous bullish candles were followed by a large bearish candle last week, and the current sideways movement with some rebound is merely a continuation of the downtrend. Technical indicators show the DIF line has crossed above the DEA line to form a golden cross, and the MACD histogram remains positive and is expanding, indicating short-term momentum shifting from bearish to bullish. However, the DIF and DEA are still below the zero line, so the overall trend remains somewhat bearish. Additionally, the recent rebound volume has decreased compared to the massive volume during the previous decline, suggesting the rebound strength may be limited, and caution is needed regarding subsequent selling pressure.

In terms of trading strategy, continue holding long positions and consider entering short positions at the current price around 78,000 and near 2,145. Short-term targets are around 75,500 to 76,500 and 2,060 to 2,090. The main Bitcoin target has been moved up to 78,800, with the secondary target remaining at 2,180.