Bitcoin Holds the $42K Line, What's the Next?

 2021-05-18 09:44:48

Bitcoin price is forming a support line aboeve $42,000, which can be found on the 1h chart as below. After the market tested the bottom support again this early morning (May 18, UTC), a continuous rebound began. The current market has once again returned to around $45,000, and the rebound effect within the day is still good.

upload/2021051810325921769.png

But at present, the expectation for a rebound in a short period of time should not be too high. The first goal after the market declines is always to stabilize first, before you can look forward to the next trend, just like the current market has just returned to 42,000 and want to immediately Back to 50000, the difficulty is still relatively large.

 

At present, when the situation is unclear but the general direction is optimistic, it is recommended to enter the market in batches instead of one-time heavy positions, otherwise it will be more uncomfortable in the subsequent shocks or even when the bottom is reached. The support level is still at 42,000, and the short-term pressure above it is released. In the 46000-47000 interval.

 

Ethereum: In the bottom of last night, ETH almost broke a new low, but in the end it managed to support it. It is currently back to around $3,500. Although it follows the trend of the market, it is also one of the mainstream cryptocurrencies leading the rebound.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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