‼️Good morning, everyone! June 2nd Market Analysis for BTC:
Yesterday, Bitcoin first bounced off the 71000-70500 range. Due to the rapid movements in the market, the expected 4-hour rebound at this level needs to be pushed back. After breaking the low again this morning, there is currently a 30-minute rebound expectation. However, I wouldn’t recommend opening long positions here.
▶️Intraday Trading Strategies:
1. If Bitcoin can achieve the 30-minute rebound expectation, those who reduced their short positions yesterday can re-enter after the 30-minute rebound ends (Bitcoin resistance levels at 71400-71800) (Ethereum resistance levels at 2020-2030).
2. If the 30-minute rebound fails, we could continue to move down after the 5-minute mark. Currently, strong support for Bitcoin is around 66000 points. This is a potential long entry point for the future.
3. For those who are out of the market and want to enter, after the 30-minute rebound for Bitcoin ends, it’s viable to short with a suitable position, but you should enter in batches using spot positions. Alternatively, you can look for a second-type sell point on the right side using the 5-minute chart.
‼️It’s important to note that the daily-level correction has not yet concluded, so be cautious when making trades going forward.
⭕️For spot traders, continue to wait; avoid trading small altcoins at this stage! Join the large-scale spot live session for some sweet entry points!
Yesterday, Bitcoin first bounced off the 71000-70500 range. Due to the rapid movements in the market, the expected 4-hour rebound at this level needs to be pushed back. After breaking the low again this morning, there is currently a 30-minute rebound expectation. However, I wouldn’t recommend opening long positions here.
▶️Intraday Trading Strategies:
1. If Bitcoin can achieve the 30-minute rebound expectation, those who reduced their short positions yesterday can re-enter after the 30-minute rebound ends (Bitcoin resistance levels at 71400-71800) (Ethereum resistance levels at 2020-2030).
2. If the 30-minute rebound fails, we could continue to move down after the 5-minute mark. Currently, strong support for Bitcoin is around 66000 points. This is a potential long entry point for the future.
3. For those who are out of the market and want to enter, after the 30-minute rebound for Bitcoin ends, it’s viable to short with a suitable position, but you should enter in batches using spot positions. Alternatively, you can look for a second-type sell point on the right side using the 5-minute chart.
‼️It’s important to note that the daily-level correction has not yet concluded, so be cautious when making trades going forward.
⭕️For spot traders, continue to wait; avoid trading small altcoins at this stage! Join the large-scale spot live session for some sweet entry points!