Bitcoin breaks down again
Morning news:
1. UFC will launch fan tokens in June 2. Digital asset inflow of US $ 489 million last week 3. US Treasury Secretary Yellen: No predictions or proposals to raise interest rates 4. Chairman of Virgin Galactic withdraws from the Bitcoin Conference 2021 5. Bitcoin trading volume in April is 7 times that of Apple's stock 6. US Treasury Secretary: Cryptocurrency regulation is a "problem worth solving" 7. US SEC opposes the motion of XRP holders to intervene in the Ripple case 8. S&P plans to launch more index cryptocurrencies in the coming months
BTC market analysis:
Yesterday's subsequent Bitcoin rebound failed to break the 57,000 pressure line, and bullish sentiment weakened again. The trend was broken before the closing line at night, and prices fell further as expected. The current low is approaching the 53200 position, and the rebound on the day is not strong, and the market has entered into a volatile downside rhythm. Therefore, it is not advisable to pursue more blindly, and beware of the price falling again.
Looking at the daily levels chart, yesterday, it came out of a strong decline of nearly 5,000 points, the price fell below the support of Bollinger Bands, and the trend continues to fall. Today's rebound is not strong, the high is at 55,000 and the line is under pressure and the bears are gradually taking advantage. If the market falls below the 53,000 line again, there is a risk that the market will test further towards 32,300 positions. The two MACD and Stoch lines in the attached figure are parallel sequentially. This shows that the intraday market tends to fluctuate.
Looking at the short-term hourly chart, Bollinger Bands is opening downwards, and the market has fallen back towards the middle and lower rails. Although it has recovered near 53200 in the short term, the upside pressure has not broken, and the current resistance is slowly moving downwards, if it fails to follow the strong rebound, the bullish sentiment will weaken further, and the price may fall again.
BTC morning strategy:
1. The price rebounds with an empty order near 54800 position to enter the market, stop loss at 55200, and stop profit at 54300-54000
2. The price touches the position near the 56000 position to close the short position, 56400 stop loss, see the profit at 55400-55000
3. Price has retreated to position 53200 and more orders enter the market, stop loss 52900, see profit at 53700-54000
ETH market analysis:
After the Ethereum market broke the high of the 1st line 3500 and touched the 3527 position yesterday, the trend once again ushered in a strong decline. In a short time, the price plummeted by more than 300 points. The follow-up market corrected more than 200 points, and the price rebounded under pressure at the 3430 line. It is currently operating near the 3300 position. The long and short sides started to stalemate, and the trend has entered a high consolidation. Ethereum has been lagging after yesterday's two strong rounds, and the current bullish sentiment is starting to weaken. Therefore, it is advisable not to go after bulls blindly on that day.
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Looking at the short term hourly chart, the market is in an upward rhythm and a callback. The price has once again dropped below the middle lane of the Bollinger Band. The trend is oscillating downward and slowly descending. However, the Bollinger Band is currently closed, and the lower track space has not been broken due to the first line support 3150. Opened, the overall trend enters various shocks, and daily operations can maintain high and low levels. The suppression from above focuses around 3430, and support below focuses around 3180-3150.
ETH morning strategy:
1. The price rebounds near position 3410 and enters the market with an empty order, stop loss 3440 and stop profit 3360-3330-3300.
2. The price has retreated to the position near 3180 and entered the market with more orders, stop loss 3150 and stop profit 3230-3260-3300.
Indicators are time sensitive, and deliverables are delayed, so please refer to the real-time market for details. Again, to do a good job of risk control, no matter how high your valuation of the future market is, you have to take your profits and stop your losses well. !