Morning Thoughts on May 29
From the in-depth analysis of the current market trends, it can be seen that, at the daily level, the market has recently experienced severe and frequent fluctuations, which strongly reflect the fierce struggle between bulls and bears. Switching to the hourly level, the trend shows a pattern of alternating small bearish and bullish candles. This candlestick formation indicates that, in the short term, the market lacks clear directional guidance, leaning towards a state of adjustment. Moreover, based on the current market sentiment and price performance, the bearish forces are slightly in the lead, resulting in an overall weak trend.
In terms of technical indicators, the MACD indicator at the hourly level continues to operate below the zero axis, with the DIF line and DEA line showing a clear downward divergence, visually indicating that the bearish forces dominate the current market, suppressing price increases. In contrast, the MACD indicator at the daily level, although still below the zero axis, shows that the green bars are gradually shortening, which is a positive signal indicating that the downward momentum of prices is gradually weakening, and there are signs of market stabilization.
Considering the above market trends and various technical indicators, I offer the following trading advice: for short-term trading during the day, I recommend that investors continue to adopt a buy low sell high strategy within the price range of 106000 to 111000 to capture opportunities during price fluctuations. From a broader direction and long-term trend perspective, I remain bullish, believing that after the current phase of consolidation, the market is expected to regain upward momentum and start a new round of rising trends.
Bitcoin: Long at 105500-107500, Target 108500-110000
Ethereum: Long at 2600-2630, Target 2700-2730
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