Hey guys! Bitcoin rebounded to the important resistance level of 106,000 points yesterday. The short positions above have accumulated for a long time, and the battle between bulls and bears is intense!
This morning in the Asian market, another battle broke out, briefly breaking through 107,000 before pulling back nearly 5,000 points.
At the tail end of the bull market, a 5,000 point fluctuation isn't too significant, but the pattern is starting to show some signs of a peak~ The daily chart shows a clear bearish trend. The next focus is on whether the previous low and the 20-day moving average will break. The support below is at 102,300-100,600-98,730, and the resistance above is at 106,000-108,000-110,500.
When it first drops to the previous low of 100,600, you might try a long position with a small stop loss!
Recently, the market has been very volatile, so be sure to set your stop-loss properly! Before June 12-14, regardless of being bullish or bearish, trade short-term, unless you have unlimited funds~ After June, short positions may become mainstream!
Ethereum, as the leader of altcoins, generally follows Bitcoin's ups and downs. If it goes the opposite way, be cautious as the short-term direction may have changed; observe more!
Its resistance above is at 2,750-2,650-2,510, and the support below is at 1,980-2,100-2,220-2,350.
We plan to open a long position near 2,280-2,330, aiming for 2,615-2,747-2,880. If it rises to 2,620 and fails to move further, we can short for a target of 2,515.
For short positions, just watch the resistance level and operate according to the pattern. The first time it hits 2,920-3,085, you can short; remember to set a good stop loss!
