Since the MicroStrategy founder dumped Bitcoin, several other institutions have also gone short. There's a possibility of a reversal on the 4-hour and daily candlesticks, but those looking to catch the bottom should do so with light positions and set stop-losses, as we could see a larger wave of panic selling.
On June 2nd, Bitcoin and Ethereum's key support levels are 70000-71000 and 1950-1970, respectively. These can be solid entry points for a long position, but make sure to trade light and always use a stop loss.
On June 1st, Bitcoin hit a key support level. Last week we entered long positions around 72,900. Now, the ideal entry points for longs are still between 72,800 and 73,000. Use light leverage with a stop loss of 1,500 points. Once the market confirms a trend, we can scale in. For Ethereum, you can also go long above 1,970-2,000.
Before May 29, the short positions made a killing. Yesterday, I jumped into longs in time, and I recommend holding onto those long positions. If you haven't opened any longs yet, consider scaling in gradually, or buying around the 72800 mark, with a light bag. Once the market confirms direction, you can add to your position.
On May 27, Bitcoin and Ethereum longs are profitable again, currently leaning bearish. If Bitcoin goes short or breaks below 75500, we can enter a short position. If 75500 holds, we can consider a short-term long. For Ethereum, if it can't break 2084, go short; if it breaks, we can go for a short-term long.
On May 26, Bitcoin made a hefty profit over the weekend. Currently, the structure allows for a short, but it's recommended to primarily go long. You can open a position at 76800 and add to your stack at 75500. For Ethereum, look to go long below 2080.
On May 25th, Bitcoin was primed for a long entry on Saturday. The buy zone provided for Sunday was around 76000 for Bitcoin and 2080 for Ethereum. If there’s a dip today, you can still long at these levels.
On May 22nd, yesterday, Bitcoin and Ethereum long positions were profitable. For Bitcoin, go long between 76800-77000, with a stop loss below 75000. You can also add to your position above 75000. Ethereum is still in a range; if it breaks 2148, go long directly. If 2090 holds, that's another entry point for long.
On May 21, Bitcoin and Ethereum are both on the long side. With positive news and indicators supporting a short long, Bitcoin needs to break above 77800, and Ethereum must hold above 2150 to keep holding. Ethereum has formed a range, so we can play the range theory.
On May 20th, I nailed two short trades on ETH with solid profits, and there were big gains on XAU in the live stream. Today, I'm still leaning towards shorting, so I’ll be looking to short in the 2130-2148 range.
On May 19, Trump postponed strikes against Iran, while Bitcoin and Ethereum hit critical flip points. Bitcoin is at 77500-77800, Ethereum at 2148-2155. Break out for a long, drop below for a short.
On May 18, Fed's Waller announced his succession as chair, and with unclear policy plus renewed tensions between the US and Iran, the crypto market is seeing a sharp drop as investors seek safety. It's time to consider a rebound for a short position; keep an eye on tomorrow's Fed speech and the developments in the US-Iran situation.
On May 15th, Bitcoin hit the buy zone perfectly once again. The previously analyzed structure is validated, and the trend line resistance is around 82,600, which is pretty close now. I recommend holding onto the long positions, and if there's a dip, let's focus on buying the dip.
On May 14th, the Fed's interest rate hike heated up, causing Bitcoin to drop below 80,000. There are nearly 200 million in sell orders hanging around 81,300. You might consider shorting on any rebound. If you're looking to go long, set your stop-loss above 78,000, with ideal entry points between 78,700 and 79,400.
On May 13, Bitcoin and Ethereum shorts scored again, hitting our long entry point. Bitcoin's structure suggests there's still a bounce coming. Those who are already long can hold on, targeting around 82000, but a stop-loss is a must.