Analyst Liang Qiu: Bitcoin/Ethereum surged and then fell on May 28, be cautious of further declines

Last night, Bitcoin/Ethereum surged to around 110700 and 2711 before starting to pull back. We have been continuously positioning for short trades on the pullback since yesterday. Particularly, we re-entered the market at around 110500 and 2700 last night. The market dropped to about 108300 and 2617 in the early session, and the overall space is still quite good. Currently, after the decline, the market is oscillating in a narrow range, and the rebound is not significant. On the four-hour chart, Bitcoin has broken the middle line of the Bollinger Bands, and the market is expected to continue to probe lower towards the support near 106000. Additionally, Ethereum on the four-hour chart is also showing a continuous downward trend, so we should pay attention to further pullbacks.

On the daily chart, the Bollinger Bands are gradually narrowing, especially for Bitcoin where the MA moving averages are gradually turning down. The 110000 level remains a short-term resistance. The current oscillating market has not effectively broken out, and after Ethereum's surge, the real K-line has not stabilized above the breakout, so the market will still experience repeated oscillations. Furthermore, on the four-hour level, there is a potential double top formation. Once a double top is established, the short-term market will likely continue to oscillate broadly, probing lower towards 106000 and 2500.

Operational suggestions: BTC: continue shorting around 109000 to 109500, target near 107000; ETH: continue shorting around 2650 to 2570, target near 2570, pay attention to support at 106000 and 2500 if it breaks down.

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