5.31 Market Summary
$BTC :
Did everyone eat zongzi during the Dragon Boat Festival? Right after the festival comes June 1st, wishing everyone a happy holiday! However, the past two days have not been so joyful for the bears, as it has been a Dragon Boat Festival celebration for the bears.
Bitcoin has been fluctuating downwards since midnight, with the price breaking down to 103022 with overwhelming advantage, and the hourly low continues to refresh. The overall market is leaning towards weakness, and the 4-hour chart is heading downwards, indicating that this downward movement is not yet over. However, the bearish volume on the hourly level is decreasing, with the evening market warming up to 104500.
Currently, the hourly chart shows a volume increase, with MACD trending upwards, and the histogram weakening. If it can stabilize above 106000 in the early morning, there is hope to push up to 108000; otherwise, it will continue to experience fluctuations and corrections, potentially moving in the range of 104500-102000, with a short-term target of around 103000. In the big trend, the bears still have a slight advantage, and if the downward movement continues, pay attention to the key support level at 102000, which is a critical point. If the price cannot stop and falls below 102000, the risk at the 100000 key support level will increase.
In the early morning, still use a high bearish strategy, and pay attention to volume changes. Given the current trend, it is indeed difficult to continue going long without significant news support. Bitcoin has been continuously setting new lows in the past two days, showing no signs of stopping the decline.
Upper pressure: 106000 Lower support: 102000
Currently, Bitcoin shows no signs of stopping the decline, so friends trading against the trend should pay attention to safety, lest they get trapped.
$ETH :
Today, Ethereum moved in tandem with Bitcoin, breaking down to 2473 with volume at midnight, then slightly recovering to around 2520 to stabilize.
Ethereum has switched to the 3-day chart, revealing a more obvious trident pattern. Ethereum, which had been on a strong upward trend recently, is now turning down, dropping 100 points in a minute as if playing a game.
Upper pressure 2620 Lower support 2450
Currently, the hourly level shows the bulls are dominant, with a short-term upward trend. If it cannot break through the pressure level in the early morning, it will continue to fluctuate in the range of 2560-2480.
Weekend liquidity is scarce, pay attention to K-line chart signals, and be cautious of arbitrary market crashes.
Summary: In the big trend, the market is testing the lower levels. Pay attention to the 100000 support in the medium to long term. If it breaks down, it will enter a new phase of market crashes. In the short term, it is advisable to sell high and buy low to follow the market.
In the early morning, Yumi suggests a short-term high bearish strategy.
Bitcoin 104800-105200 bearish target 103000
Ethereum 2550-2560 bearish target 2500
