5.6 Morning Thoughts
Recently, the Bitcoin market has shown weak performance, with several consecutive days of long bearish candles, clearly indicating that the bears are in control, and a short-term downtrend is apparent.
In terms of the moving average system, the Exponential Moving Average (EMA) continues to show a downward oscillation trend, indicating that the market is likely to continue its oscillating pattern in the short term, with a possibility of further decline. Observing the MACD indicator, its value has turned from negative to positive,
Currently, it is in a consolidation phase within the 94000 to 95000 range. The morning session has seen a long upper shadow, indicating heavy selling pressure above, with prices encountering resistance around 94700 and retreating. In the morning, we should primarily focus on shorting on rebounds!
Bitcoin: Short near 95000-94500, looking down to 93000-92500!
Ethereum: Short near 1840-1820, looking down to 1760-1740!
