Yesterday's narrow range oscillation was not very volatile. However, our long position on Bitcoin at 103888 was spot on, resulting in nearly 1000 points of profit. It is already good to make a profit in such small fluctuations; yesterday SOL also bounced back after hitting our given support level of 143.
Returning to today's market, the narrow range over the past two days has been very boring, so how will the subsequent market develop? First, regarding the moving averages, the daily line has repeatedly touched MA50; if it does not break this position again, it will confirm a bottom range. Also, the narrow oscillation has reached the end of its convergence, with MA50 and EMA15 also getting close, so a direction must be chosen this month.
Regarding the MFI and CCI market, MFI is just continuously consolidating, and the recent closing lines on CCI are also consolidating, so we can only wait for the direction chosen by the big players. However, there hasn’t been a noticeable volume exit on OBV, so this narrow range may still be torturing retail traders, and most traders will not feel comfortable.
In the short-term intraday trend of Bitcoin, pay attention to whether the 4-hour trend line will break. If it breaks, wait for a pullback to go short; if it does not break, short positions can be entered around 107000. For long positions, the reference support is around 101700.
In the short-term intraday trend of SOL, the position at 143 received support yesterday. Currently, there is no solid close above 154, and the major trend has not reversed yet. The support level at 138 can be referenced for a potential rebound.
In summary, June is the time to determine the direction. The extreme narrow range will not last long, so patiently wait for the trend to come!
