The price of Bitcoin is still oscillating around the triangle. Although there is a short-term pull-up within the structure, it has not broken through the previous high point, so the overall price is still in a state of shock. Yesterday’s increase is an expansion of levels, indicating that the shock will last for a while, and there is a high probability that we will have to wait for June 1 Hong Kong's licensing is favorable for implementation. In addition, it should be noted that this range has formed a 4-hour level shock structure. Although it has been judged recently to be a descending relay structure in decline, in order to hunt for liquidity, it is possible to rise first and then fall. It is clear here To express a subjective point of view, there is a need for a correction in the midline. Even if the triangle breaks upward later, it will be blocked by the pressure near the previous high and fall. Moreover, the monthly line will most likely form a yin and yang. Once the closing price is formed in 7 days, it means that a stage top has appeared. Do not Don't let your imagination run wild. Market behavior is the best explanation. The market will not rise because of your FOMO. You should leave when it's time to leave.
Resistance level【27700, 28500, 29150】
Support level [25800, 25200, 23900]
Ethereum mentioned yesterday that it may be the first to break through the market change, and the previous high of 1880 was tested, so the highest reached 1877, which is very consistent, and a false breakthrough needs to be considered. The current price has fallen again, which also indicates a false breakthrough. The price is relatively weak to rise, because with the follow-up Bitcoin is related. Bitcoin is still in a triangle shock, while Ethereum may shock from the triangle, forming an upward channel shock. If it is to rise in five waves, it will still be difficult, and subsequent tests of 1880 will still be blocked.
Resistance level【1850, 1880, 1912】
Support level [1770, 1738, 1685]
The market is changing rapidly. If you make a profit, move the stop loss to the opening price in time. The point can only be used once. Do not open the same point again after being stopped. Do not place orders at high times. You must bring a stop loss. Stop the loss twice and close the position gradually. Open a position and gradually reduce the position. If others are greedy, I will be fearful. If others are fearful, I will be greedy. It is not recommended for novices to do futures contracts.
May 24, 2023
The above analysis is for reference only and does not constitute investment advice.
