Morning Thoughts on May 21

Recently, the performance of Bitcoin has been quite strong, with a sustained slow rise. It has currently reached the high point of around 107,300. Yesterday, we shorted near 106,500, and the market provided a pullback space of 2,400. Although there has been some short-term strength, the pressure above is still quite evident. Since rising to 105,000, the price has been consolidating at a high level, and the extent of the increase has gradually weakened. Since the rise in mid-April, there has been an overall increase of 33,000 points. At this time, chasing the high is a very dangerous move. There has been no effective rebound in the short term, so we will continue to maintain a bearish outlook.

Trading Suggestions

Short Bitcoin at 107,000-107,500, target 104,000

Short Ethereum at 2,530-2,050, target 2,450