$BTC

Share the current market analysis.

Weekly:

Last week closed with a narrow-volume bearish candle, forming a bearish engulfing pattern. However, due to weak short selling volume, the bearish effect may be weakened. After seven consecutive bullish candles, it encountered significant resistance near 108364, so the possibility of a correction is relatively high. It is advisable to observe the daily-level fluctuation range to increase the judgment basis for the strength of bulls and bears.

Daily:

On May 27, a small bearish candle with upper and lower shadows was formed, indicating intense competition between bulls and bears. The position is near an important resistance level, above a steep upward trend line. Soon after, it began to increase in volume and broke below the upward trend line. The recent support range is around 100764, so the market is likely to fluctuate within the range of 100764-112000. On the 31st, a stop-loss signal appeared, but the volume of the bulls decreased, making the stop-loss effect relatively weak. Observe whether a strong stop-loss signal appears again near 100764 to enhance the stop-loss effect.

Summary:

The background at the weekly level is a transition from mid-bull market to late bull market, currently in an adjustment cycle. The market is hovering near an important resistance level. A volume breakout above the important resistance level, followed by a retest and stabilization, will likely initiate the next upward trend.

The trend background at the daily level is an upward trend. The rise from 74434 to 112000, lasting 45 days, has ended and entered an adjustment cycle. It is currently fluctuating within the range of 100764-112000. Observe the strength signals of bulls and bears within the fluctuation range to increase the judgment basis.

Yesterday, the monthly candlestick was closed. Bitcoin does not show a significant pattern, but Ethereum's monthly candlestick formed a volume-increasing doji morning star at an important support level, indicating a stop-loss signal, which means the monthly pullback has ended. This trend is driven by the reversal on the daily level, which led to a reversal on the weekly level, and now the monthly level is also starting to reverse. Smaller cycles drive larger cycles, and larger cycles suppress smaller cycles. Therefore, from the monthly perspective, June may have a good market, so continue to hold patiently.