Market Analysis on Wednesday Morning: Maintain an Optimistic Attitude📈
The current market situation has not yet shown significant signs of decline. Bitcoin has successfully crossed the critical high point of $107,100 during the early hours. Following this trend, the possibility of breaking the historical high is gradually increasing. Looking back at the market on May 19, although the price once surged to $107,100, this was merely a rebound within the overall oscillating pattern and did not constitute a clear upward signal to break away from the oscillation range on an hourly level.
Why this judgment? The reason lies in the fact that during the process of falling from $107,100 to $102,000, the market did not experience a continuous one-sided decline lasting over one hour. This indicates that the previous price volatility, including upward and downward spikes as well as sharp rises and falls, has been confined within the oscillation range.
Based on the above analysis, the current market may have entered a new round of rising cycle, and this rising trend does not seem to have ended yet. For short-term investors, there is still potential for further price increases in the short term, with resistance expected at $108,000-$110,000 above.
Specific operational suggestions are as follows:
Bitcoin: Build long positions in the range of $105,000-$104,500, targeting $108,000 and $109,000.
Ethereum: Lay out long positions in the range of $2,480-$2,450, targeting $2,580 and $2,650.
