Morning Thoughts on May 16

Yesterday, the major cryptocurrency followed a washout pattern, with prices continuously declining to around 101200, showing some improvement only in the evening. The market experienced a volatile rebound, stretching nearly three thousand points, with the price returning to around 104000. It is estimated that quite a few people may have been caught in this fluctuation. From the current market perspective, the price range for the major cryptocurrency has expanded at high levels, and yesterday's losses were fully recovered, allowing the daily chart to close positively. From the four-hour perspective, the Bollinger Bands are tightening and opening upwards, with strong support at the lower band. The price has successfully bounced back after two retests at this line, currently stabilizing above the mid-band resistance. The MACD lines are about to cross positively, indicating further upward expectations.

Trading Suggestions

Major Cryptocurrency: Around 103200 to go long, targeting 105000.

Altcoin: Around 2520 to go long, targeting 2600.