An old leek who has been fighting in the industry's independent trading system for eight years, focusing on primary and secondary fresh goods, Heyue, and capturing web3 opportunities!
Market outlook on May 31
Looking at the Bitcoin market today, as of 8:00 a.m., its price was hovering around 68,400. Looking back at yesterday, the market was stable for most of the time, and only gradually showed volatility when night fell, reaching a climax at dawn. This market pattern makes our traders' nights extremely busy.
From the daily candlestick chart, the price once fell below 67700 points indicated by the EMA15 trend indicator, but then rebounded strongly and broke through 69500 points. At present, the price is stable near EMA15, and the overall market trend seems to be still downward. We should pay close attention to the support level of 66500 points provided by EMA30.
In terms of technical indicators, KDJ shows signs of short-term obstruction, and the Bollinger Bands are shrinking. After standing at 67,000 points, the K-line continues to stretch upward, and both the long and short sides are shrinking. The volume of MACD is about to end. Whether the K-line can start to shrink before the closing, so that DIF and DEA enter the dead cross stage, will become the key. However, it is puzzling that although MACD has shown a dead cross pattern for two days, the price of Bitcoin has not fallen sharply, but stabilized around 68,000, thanks to the support provided by the three moving averages within 1 hour. Therefore, there is a possibility of a small rebound in the market today, which is worth our attention.
In addition, Yitai Coin will welcome the first batch of ETF transactions in early June, which is undoubtedly a big boon to Yitai's liquidity. With the influx of over-the-counter funds, it will bring a lot of buying to Yitai. For Yitai's trend, we don't need to analyze too much technical indicators, just pay attention to the buying volume of various institutions. At the same time, Yitai's ecological development cannot be ignored, especially its pledge sector, which deserves our special attention.
June is full of good news for the entire cryptocurrency market. In addition to the start of trading of the Yitaicoin ETF, the upgrade of GPT5 has also brought considerable benefits to the AI sector. In addition, yesterday the US House of Representatives announced that it will hold a hearing on June 5 to discuss the RWA issue, which is also a positive for the RWA sector. Driven by multiple positive factors, we have reason to expect that the cryptocurrency market will usher in a more active performance in June.
BTC\ETH support and resistance
Big cake support: 67240 Pressure: 69260
Auntie support: 3665 Pressure: 3990
Hot News on May 31
Hot news of the day:
🪅
Bitdeer Completes $150 Million Private Fundraising, Tether Participates in Investment
🪅
Goldman Sachs digital asset chief: Bitcoin ETF is clearly a stunning success
🪅
Acting Financial Secretary of Hong Kong: We will make every effort to promote financial innovation in key areas including Web3-related DeFi and virtual assets
🪅
L1 blockchain Self Chain announces token economics, total supply is 360 million
Why are you still losing money in a bull market? This market is a market where everyone is trying to get together. It is difficult to realize wealth value if you fight alone, because your information and market thinking logic are definitely backward!
We need to pay close attention to market trends and seize the opportunity.
Why not click on my avatar and follow me? I will share the planning and contract passwords about the bull market spot for free. I am in urgent need of fans, and what you need is a reference. Instead of blindly guessing, it is better to choose to follow me. In this way, you can at least get some valuable information instead of just fantasizing.
