Crypto Circle Academician: On May 16, the Ethereum bulls alternated and spread, and the rebound market may not be over! Latest market analysis reference
The current price of Ethereum is 2600, and it is a little past 1 AM Beijing time. I don't need to mention the entry point, right? The defensive replenishment point at 2500 has also been entered. Such a good pullback point, some crypto friends messaged me asking if they could short. I said don't mess around, how can you short at a support level? Now it's hitting back, just watch me profit here. In addition, real-time data updates can be referenced, see if there are any differences between my selected entry and exit points and yours.
The daily candlestick chart has a low of 2480 and a high of 2646. The daily candlestick chart did not pull back to the Fibonacci retracement level of 0.382 support at 2430, indicating that the bullish trend is too strong and the bearish momentum is insufficient. Coupled with the EMA trend indicator showing upward alternating spread bullish trend, it can be seen that the current rebound has not yet ended. The MACD has been continuously increasing volume and has started to show a top divergence trend. The large-scale top divergence has just begun, which is not a good sign, at least not good news for retail investors. The upper pressure level of the Bollinger Bands has reached 2790, while the middle track is still at 2090. The space in between is too large, and the risk is naturally increasing.
The four-hour candlestick chart shows a bullish pattern indicator after probing the EMA30 trend support at 2500. It broke through the first resistance point of EMA15 trend at 2570 and continued to rise. Pay attention to the Fibonacci retracement level of 0.5 resistance at 2746. If it breaks, consider going short. For now, focus on going long. The MACD has continuously decreased in volume divergence, and the DIF and DEA are hindered from expanding downward. The Bollinger Bands have a horizontal candlestick that fell below the middle line at 2560 and returned above the middle track, indicating a high probability of moving sideways in the upper range. As long as the pullback does not break the middle track, long positions can be held continuously, paying attention to the upper track pressure level at 2710, the first resistance level.
Short-term reference: Safety first. Remember that the market is never 100%, so always set good stop-losses. Safety first, small losses with big profits is the goal.
For bullish testing points, 2530 to 2500, defend at 2470, stop-loss 30 points, target 2580 to 2630, break point look at 2680.
For bearish testing points, 2700 to 2730, defend at 2760, stop-loss 30 points, target 2650 to 2600, break point look at 2550.
Specific operations should be based on real-time market data. For more information, you can consult the author. There may be delays in article publication, so it is recommended for reference only. Risk is self-borne. $ETH