Li Shengting: 5.29 Ethereum/Bitcoin Midday Market Analysis and Trading Ideas
This morning and midday, Ethereum bulls continued to increase in volume, with highs approaching the 2788 level, followed by a volatile decline. Currently, Ethereum's price is oscillating around 2700. From the current bullish momentum, this round of Ethereum's rise has not ended. The ability of Ethereum to stabilize at the key resistance level of 2760 is very important. If this level is effectively broken, then the subsequent Ethereum price will definitely aim for the significant 3000 level.
From the daily technical indicators of Ethereum, the KDJ indicator is continuing to oscillate upwards, the BOLL indicator is moving upward across the entire range, the RSI indicator is at a relatively high value, and the VOL indicator's energy bars are significantly greater than those of the previous days. It seems that the previous days' oscillating market is about to conclude. Meanwhile, the MA three-day moving averages are all arranged in a bullish pattern, but currently, the ultra-short-term is touching strong resistance, so there will be a brief technical adjustment in the resistance zone. A second bullish volume increase is expected to follow.
From the 4-hour technical indicators, the trend is basically the same as the daily line. Currently, the 4-hour BOLL indicator and MACD indicator are in a retracement recovery phase. Given this situation, it is possible that this afternoon at 4 PM or tonight at 8 PM, Ethereum bulls will increase volume again. Although there is some pullback sentiment, the intensity will not be too strong. Personally, I believe that this evening, Ethereum will continue to oscillate upwards overall.
Ethereum: Long position around 2730-2685 with stop-loss at 2647 and target at 2770-2820.
Bitcoin: Long position around 107500-106500 with stop-loss at 105500 and target at 110000.
The above is my personal midday market analysis; specific points are subject to real-time guidance.
