🐬June 5th Afternoon Market Insight.🐬
$BTC Insight:
Bitcoin at 93500 is a solid support! It's really strong! After multiple tests, it hasn't dropped below 93500. There seems to be a strong buyer holding the price up but it can't rise either.
In the 15-minute timeframe, there have been 4 attempts to break down but failed to drop below 93500. It either holds here, or if it breaks, we might see a waterfall decline.
For Bitcoin, a breakout with volume above 94346 closing price means to go long on the right side, with a stop loss at the breakout level.
If it drops with volume below 93971 and fails to recover, go short on the right side, and set a stop loss if it recovers, paying attention to volume changes and managing stop losses carefully.
A false break below 93599 means to add a small long position, with a stop loss at the false break low or below 92851. If it can't recover, avoid adding more.
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For Bitcoin on the hourly level, if it can break and stabilize above 94522, look upwards at 95137-95718, as it oscillates around this area.
For those looking to short, be cautious of a false breakout at 96262, enter a small short position, and if it stabilizes above 96982, set a stop loss.
Conservative players should wait to go long at 91644, with a mandatory stop loss if it breaks below 91000. If 91000 is broken, Bitcoin will move into a lower range, leaving the upper consolidation area, so a stop loss is essential below 91000.
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Resistance above: 94913-95410-96255
Support below: 93670-92577-91632
On the 4-hour level, if it breaks below 93677, look for target positions: 92803-91702. Bitcoin currently has no clear direction; avoid forcing trades in unclear market conditions, or your capital will suffer significant erosion.
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$ETH Thought Process:
For Ethereum, a breakout with volume above 1803 means to go long on the right side, set a stop loss upon recovery.
If it drops below 1796 with volume, go short on the right side, with a good stop loss.
If it retraces to 1738 confirming effective support, take a small long position; stop loss below 1700.
On the hourly level for Ethereum, if it can clear 1815, look upwards at 1832-1850. Ethereum is also fine as it oscillates around 1800.
Be cautious of a short position at 1857, with a stop loss at 1890.
Left-side order: long at 1683, mandatory exit below 1660.
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Resistance above: 1816-1850-1894
Support below: 1780-1740-1684
On the 4-hour level, if it breaks below 1781, look directly downwards at 1743-1691. The thought process is given; what you need to do is patiently wait for an entry opportunity.
Wait for a direction to trade, or take whichever comes first, never double dip on both long and short, and that's it.
