Market Analysis for BTC and ETH on May 23rd: Today's Focus on BTC and ETH
Market Review
Yesterday, BTC saw a mild increase, firmly standing above 110,000, without a quick pullback, maintaining a healthy trend. A slight top divergence appeared on the daily chart, but no significant downward momentum was observed. The weekly trend remains healthy. Pay attention to fundamental information, the Federal Reserve's interest rate cuts, and consider moderately reducing positions during the day without completely selling out. Monitor volume changes, with potential for continued growth. On the larger cycle, the weekly golden cross has formed, suggesting the possibility of a new market trend starting
Ethereum followed BTC's synchronous rise, maintaining a healthy trend. A low divergence has been observed on the 4-hour chart, with potential for a price correction during the day, and gradual entry can be considered
Altcoins are rising in sync with mainstream cryptocurrencies. Market sentiment remains low. With mainstream coins stabilizing, consider following the trend. Focus on meme, ETH track coins. Binance has been hosting frequent activities, with ongoing Alpha point events. You can accumulate points and wait for the next event. SOL's on-chain activity continues to increase, with MEME coins worth paying attention to
Today's Focus:
BTC is in an overbought zone at 1-hour and 4-hour levels, and also in an overbought zone on the daily chart. Expected consolidation during the day, with support at 109,000-110,000 and resistance at 112,000-113,000
ETH is in an overbought zone at 1-hour and 4-hour levels, and also in an overbought zone on the daily chart. Expected to continue rising during the day, with support at 2,550-2,600 and resistance at 2,750-2,900
