Crypto Circle Academician: On May 31, Bitcoin at 110,000, don't rush to confirm the pullback and continue down south! The short sellers are pressing in!
Current Bitcoin price is 104,000, it is now 1:30 AM Beijing time. Yesterday I mentioned Trump's 3 billion bet, don't take it seriously. Friends holding Bitcoin above 110,000, don't rush to exit. Before the report was released, liquidation had already started, and the market has dropped below 104,000. Some fans have been messaging to ask where to exit. My reasoning is simple: focus on the EMA30 trend support point at 103,300. As long as there is no solid breakthrough at this position, you can lock in profits.
Looking at the current daily candlestick chart with four consecutive downward trends, the highest point reached the EMA15 trend resistance at 106,300 before starting to hit down towards the EMA30 trend support at 103,300. This is the first time the daily candlestick has pulled back to EMA30 after more than a month, so it needs to be closely monitored to prevent a rebound at this position. Additionally, it is still early to determine whether the MACD top divergence has ended. The reduced volume and increased short positions are very evident, with DIF and DEA spreading downwards from high positions. Coupled with the Bollinger Bands narrowing and then opening downwards, the candlestick has broken the middle track and is now hitting the lower track support at 101,100.
The four-hour candlestick has formed a bearish trend, with the EMA trend indicators alternating downwards to create a double death cross trend, directly plummeting from EMA120 at 105,500. The MACD has been continuously reducing volume while increasing positions, with DIF and DEA breaking the energy indicators. The Bollinger Bands are expanding, and the candlestick is spreading downwards around the lower band at 104,000. The downward gap has already opened. As for whether the key support can hold, it depends on whether any favorable news appears. Before that, the short position is clear. As usual, friends who have not gone south above 110,000 can just continue to watch us eat the meat while they eat melon. Wait for the sharp decline to stop, after which wait for the pullback, and after the pullback, wait for confirmation before going down south.
Short-term reference: The market is not 100%, so always set stop losses. Safety first, small losses and big profits are the goal.
Going north, trial entry point at 101,500 to 101,000, with a defense at 100,500, stop loss at 500 points, target at 102,500 to 103,500, breaking point at 104,500.
Going south, reference point at 105,500 to 105,000 for short positions, with a defense at 106,000, stop loss at 500 points, target at 104,000 to 103,000, breaking point at 102,000.
Specific operations should be based on real-time market data. For more information, please consult the author. The article's publication may be delayed; it is recommended for reference only, risk is self-borne. $BTC
