🍺May 15 Midday Market Insights.🍺
$BTC Insight:
Bitcoin is currently experiencing a state of weakness after rising; whether it will trade sideways instead of falling or that prolonged sideways will lead to a decline, time will give you the answer you seek.
Without any major positive events, Bitcoin finds it hard to maintain its upward trend because pushing prices requires capital.
After all, Bitcoin has risen from the bottom to the highest point by $30,000 without a decent correction.
Bitcoin's volume broke through 103149, and the hourly close is above 103149; look for long positions on the right side to catch the rebound, and set stop-loss on breakouts.
102903 has broken down with volume; if unable to recover, look for short positions on the right side, set stop-loss on recovery, and pay attention to volume changes, bringing proper stop-loss.
At 101455, a false breakdown occurred; recover light long positions and add one lot. Set stop-loss at the false breakdown low or below 100600; if it doesn't recover, do not add more.
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Bitcoin can break and stabilize above 103294 at the hourly level, looking up to 103737-104350; if it can't go up, then let it go down!
For those wanting to short, be cautious of a 2B false breakout above Bitcoin at 104010, and short one lot; if it breaks and stabilizes above 104657, set stop-loss.
Conservative traders wait for: long at 100710; must stop-loss if it breaks below 100,000.
Resistance above: 103345-103730-104358
Support below: 102774-102065-101426
At the 4-hour level, if 102353 breaks down, look down to 101469-100718. What is Bitcoin dawdling about here? It's been oscillating all night; if no direction is given, then continue to dawdle!
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$ETH Thoughts:
Ethereum has broken through 2596 with volume; look for long positions on the right side, and set stop-loss upon recovery.
At 2569, a breakdown with volume occurred; look for short positions on the right side, and bring proper stop-loss.
On a pullback to 2495, confirm effective support to add one lot; set stop-loss at 2455 if it breaks down.
At the hourly level for Ethereum, if it stands steady at 2623, it can continue looking up to 2656-2706, though it seems a bit challenging.
Pay attention to short one lot at 2647 above Ethereum, and if it breaks 2686, set stop-loss.
Left-side order: long at 2408; set stop-loss at 2365 if it breaks down.
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Resistance above: 2620-2655-2685
Support below: 2558-2494-2455
At the 4-hour level, if 2561 is broken, the correction officially begins looking down to 2493-2436; patiently wait for entry opportunities, meeting adjourned.
