May 19th Market Analysis from LBank Derivatives
The recent market trend for Bitcoin (BTC) continues to be lackluster. It appears to be in the process of choosing a direction, with the current price hovering around $26,800, which is roughly the median of the past week’s price fluctuation range.
Although we noticed a slight price correction this morning, BTC did not drop below $26,000. We forecast that the price may continue to experience fluctuations as it awaits directional decision.
Trading Advice: BTC has maintained narrow fluctuations throughout the week and its future direction remains unclear.
Therefore, the risk-to-reward ratio for initiating a position at this level is unsuitable. It is recommended to continue observing the market over the weekend.
In terms of Ethereum (ETH), it has also primarily experienced narrow fluctuations over the past two days.
The future direction also remains unclear. It is approaching the trend line of its previous decline, indicating a potential change in market sentiment.
Trading Advice: It is suggested to continue observing ETH as well, as its current price is about to hit the correction trend line.
Notable Altcoins
As for OP, it rebounded yesterday to reach a previous support level. The current price is around $1.7, with the future market trend anticipated to slowly decline. News highlights include the unlocking of $278 million worth of OP tokens on May 31st, representing 3.6% of the total supply.
Trading Advice: It is recommended to continue short selling at high points, with a focus on constant dollar cost averaging.
Litecoin (LTC) has shown a considerable rebound in recent days. After a brief dip to $89 in the early morning, the price resumed its upward trend, with the current price around $92.
Two positive developments for this cryptocurrency are the introduction of LTC-20 and the upcoming halving event, indicating a bullish market outlook.
Trading Advice: LTC has shown strong short-term upward momentum. For those who already hold LTC, it is suggested to maintain the position. For those considering entering the market, it is recommended to wait for the next dip to initiate a long position.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
