In-depth Analysis and Operational Guide for Cryptocurrency Market on the Evening of May 29

Today, the cryptocurrency market has experienced significant volatility, with Bitcoin (BTC) and Ethereum (ETH) showing notable divergence in their trends, presenting a complex pattern of long and short positions.

Bitcoin (BTC) Market Analysis

The BTC price fluctuated frequently throughout the day, generally showing a trend of oscillating upward. In the early trading session, it started to rise from around $107,400, reaching $108,400 before facing selling pressure and retreating to a support level of $107,000. In the afternoon, the bulls regained strength, pushing the price up to a peak of $108,600, with the latest quote around $108,400 at the time of writing.

Technical Interpretation:

- Daily Level: Bearish energy continues to be released, but a bullish candle has formed, indicating a divergence between volume and price, suggesting that short-term downward momentum may weaken; it is crucial to monitor the effectiveness of the key support level at $106,400;

- 4-Hour Candlestick: Bears dominate, but the price found support after hitting the lower Bollinger Band; bulls attempted a counterattack but faced resistance in the middle band area of $108,800-$109,000. If this resistance band is effectively broken, the $110,000-$111,000 region will become a new resistance testing area;

- 1-Hour Level: Bullish strength is gradually increasing, with a short-term upward trend starting to appear, but caution is needed for potential technical pullbacks due to insufficient volume.

Ethereum (ETH) Market Analysis

ETH's intraday movement has been more aggressive, starting a one-sided rise from $2,670 in the early session, with bulls quickly driving it up to a peak of $2,788, followed by profit-taking that caused the price to fall back to around $2,700, currently oscillating in a narrow range between $2,715 and $2,735.

Evening Operational Strategy

1. Bitcoin: It is recommended to build long positions in the range of $107,800-$107,500, targeting a price level of $109,500-$110,000, with a stop-loss set below $107,200;

2. Ethereum: Consider lightly going long in the range of $2,700-$2,680, targeting $2,760-$2,780, with a stop-loss at $2,660.

Risk Warning: The cryptocurrency market operates continuously for 24 hours, with price fluctuations influenced by multiple factors such as policies and market sentiment. Investors must strictly control their positions, set stop-loss and take-profit limits, and avoid holding positions. It is advisable to secure profits once the expected target is reached to prevent asset drawdown risks caused by sudden market changes.