The price was briefly blocked at 28440 and fell back. A heavy-volume inverted hammer appeared in the 4 hours. It has now fallen back to the 4-hour double bottom neckline, forming a shrinking retracement. Observe the subsequent secondary test. Once the bottom structure is formed in 15-30 minutes, it will break upward again and continue to test. Above, the double bottom target price is measured near 29200, which also means that it will break through the downward channel, so short selling needs to be cautious. When the price breaks through 27500, the strategy must be changed. The current 4-hour level considers the bullish trend, and the gap below has not been filled. , if the cover will fall below the neckline, then once the price forms a rebound and breakthrough channel at the neckline, it will probably cover the 29100-29800 gap above.
Resistance level【28500, 29100, 29368】
Support level [27500, 26800, 26600]
Since Ethereum broke through, it has also been linked to form a retracement. For Ethereum, the bullish trend is more obvious than that of Bitcoin. On the one hand, it breaks through the wedge structure, and also breaks through the previous high, which is in line with the 123 rule, forming two lows and two highs at the same time. Therefore, after the neckline test is completed, it will continue to rise. Then the double bottom target and the 12-hour high are close to around 2000. However, we also need to pay attention to the risk of short-term covering gaps. As long as the neckline is not broken, there is not much risk to the bulls. Once it falls below the neckline, If the price falls below the neckline, it will be necessary to cover the gap, and the price will probably test the chip-intensive area near 1820. However, it is currently judged that the probability of falling below the neckline is only 20%.
Resistance level [1927, 1960, 1990]
Support level [1875, 1822, 1815]
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 30, 2023
The above analysis is for reference only and does not constitute investment advice.
