Hello everyone, I am a bull. The profits made during the one-sided rally at the end of April and the beginning of May have recently been given back during the fluctuations and pullbacks. The support and resistance have been drawn in advance, but when it comes to the position, I hesitate and deviate from the market to trade based on my own thoughts. Only now do I understand the meaning of 'plan your trade, trade your plan.' Therefore, I record daily, formulate plans, and verify plans.
✨BTC
Update the thoughts on Bitcoin. After drawing the consolidation area for the high and low points of the recent peak, it can be seen that approximately 106607 is the central axis of the entire area. From the price movement path, the support and resistance effect of this line is particularly obvious. A breakthrough will push up to 110K, while a drop will fall to 101K, which also conforms to the price movement rule of a 1:1 equal distance target for range breakthroughs. From a structural perspective, the recent pullback after the decline also needs to break through the central axis and exceed the previous small high point before it can be viewed as a shift from bearish to bullish. Currently, shorting near the central axis position has relatively high cost-effectiveness, with a stop-loss on a breakthrough. (Friendly reminder: 4-hour MACD bottom divergence)
On the 6th, the short position around 105300 has already hit the stop loss. I re-entered a long position at 105561. The line around 105342 is approximately the Fibonacci 0.382 level. Since the resistance at the central axis is imminent, going long in front of the resistance is obviously a bit risky, so I am taking a small position to test the waters for the bulls.
✨ETH
ETH has tested the lower boundary around 2475 too many times; the closer the position gets, the bolder you can try going long.
Pay close attention to the channel line area of 2541-2574 above, which overlaps with the middle and slow tracks of the daily Vegas channel, especially the 576 and 676 slow tracks. The second Bitcoin has repeatedly consolidated up and down near this channel.
