Li Shengting's 5.17 Ethereum/Bitcoin Afternoon Market Analysis and Trading Ideas
In last night's article, a short position around Ethereum 2590 was clearly suggested. This morning, the coin price retraced to our target level near 2480, where Ethereum shorts gained over 110 points. I believe friends who are following this should have benefited.
From the daily technical indicators of Ethereum, the KDJ indicator is still in a high-level fluctuation phase. Currently, the coin price is still significantly below the five-day moving average, while in the MACD indicator, the DIF and DEA have crossed downwards. Additionally, the coin price has fallen below the MA five-day moving average, and the trading volume (VOL) has also shown a significant reduction. The three-day moving average is in a bearish arrangement, indicating that this round of decline is not over. Although Bitcoin next door is currently in a green TD3 strengthening phase, the bullish momentum in the KDJ and MACD indicators is decreasing. Therefore, the coin price is likely to continue fluctuating downwards during the day.
From the four-hour technical indicators, the KDJ indicator is fluctuating downwards, while the MACD indicator is in a high-level death cross, with the bulls showing slight volume reduction. Currently, the short-term resistance for Ethereum at the upper high point is relatively strong. Hence, the trading ideas for this afternoon and evening remain unchanged, with a recommendation to short on rebounds.
Ethereum: Short near 2490-2530 Stop Loss: 2593 Target: 2420
Bitcoin: Short near 103500-104000 Stop Loss: 105500 Target: 102000
The above is my personal afternoon market analysis for reference only #币安Alpha上新 #美国加密立法 $ETH