5.7 Morning Thoughts
The market shows a strong upward momentum in the early hours, with bullish energy dominating. In the short term, the price has potential for further increases and may continue to challenge previous resistance. Currently, the Bitcoin price has returned above 97,000 USD, and it is crucial to focus on the resistance level around 97,800 USD in the short term.
If the rebound fails to break through this level, the price is likely to fall back again. Given the rapid rise of this market, it can also decline quickly, and the current rebound shows signs of weakening. We should still follow the old rules and avoid chasing prices upwards and selling downwards. If the price cannot break through and refresh the previous high, it is highly likely to enter a range-bound adjustment. Our strategy remains focused on short positions!
Bitcoin: Short near 98,000-97,500, targeting 95,000-94,500
Ethereum: Short near 1,870-1,850, targeting 1,770-1,750
