🍭 May 23 Market Insights. 🍭
$BTC Insights:
Is Bitcoin about to achieve 7 consecutive weekly gains?
Students, do you think we are currently in the mid-term of a bull market, the early stage, or a parabolic bull phase?
Bitcoin has broken through 111535 with significant volume, closing above 111535 on the hourly level, pursue long positions on the right side, and set stop losses for breakouts.
111252 has broken down with volume, unable to recover on the rebound, pursue short positions on the right side, and set stop losses upon recovery; pay attention to changes in volume and ensure to have stop losses in place.
At 109014, a 2b false breakdown has occurred; recover with a light position for a long, and set a stop loss at the false breakdown low or below 108281; do not go long unless it recovers.
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Bitcoin created a new high early this morning, but currently it seems that Bitcoin's hourly level is showing signs of peaking, as it has not broken through 112000 and has been oscillating repeatedly at this position.
Bitcoin's hourly level, after breaking through 111764, if it stabilizes, look for upper target positions of 112790-113483; let’s see if it can break 112000 today!
When shorting Bitcoin at high positions, be cautious of a 2b false breakout at 112790; open a light short position, and if it stabilizes above 113483, set stop losses.
Conservative players should wait: long at 107350, and set stop losses if it breaks below 106417.
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Upper Resistance: 111792-112790-113483
Lower Support: 111000-110473-109789
On the 4-hour level, if 110832 breaks down, look down to 109468-107698.
Bitcoin's hourly level has been oscillating around this range; the direction will only emerge once it breaks down or breaks out of the range.
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$ETH Thoughts:
Ethereum has broken through 2723 with significant volume; pursue long positions on the right side and set stop losses upon recovery.
2671 has broken down with volume; pursue short positions on the right side and ensure to have stop losses.
On a pullback to 2617, confirm the support is effective and go long one more hand; set stop losses below 2574.
Ethereum's hourly level, if it breaks through and stabilizes at 2737, will continue to challenge upwards to 2772-2804; if it can't go higher, it will continue to consolidate.
Keep an eye on 2769 for a short position; set stop losses if it breaks above 2800.
As long as Bitcoin remains stable and does not drop, Ethereum will rise to catch up; Ethereum's rise will cause altcoins to follow the upward wave.
Left-side orders: long at 2548; set stop losses if it breaks below 2511.
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Upper Resistance: 2742-2796-2830
Lower Support: 2655-2616-2570
On the 4-hour level, if 2647 breaks down, look down to 2604-2554.
Whether Ethereum can rise further depends on whether it can stabilize above 2700; if it cannot stabilize at 2700, everything will be in vain, and the meeting will adjourn.