In the past 24 hours, 112,912 people worldwide have been liquidated, with a total liquidation amount of $678 million. ETH has experienced the most significant drop, breaking through its bottom support trendline. Following the continued decline over the weekend, a top has essentially been confirmed.
This week, the key focus is on whether BTC and ETH will break down and continue their downward trend for a shakeout, or whether they will stabilize within this range and repair their indicators. If they continue to fall, it might be a good time to enter the spot market again.
BTC: Three consecutive days of decline on the daily chart; the next support level is at 75,000.
Bitcoin has seen three consecutive days of decline on the daily chart, failing to break through 83,000 three times before turning downwards. There are still no signs of a bottom; the daily chart shows continued high-volume selling, and the key support level of 79,000 has been effectively broken, indicating the end of the daily rebound. The next support level is at 75,000. In the short term, there might be an initial sharp drop followed by a rebound. (Altcoins are still primarily short at higher levels.)
For those holding short positions, consider reducing your position in batches around 75,000 to 74,000 to profit from the price difference; don't close all your positions. The 75,000 level is the second target on the 4-hour chart and also a support level on the daily chart, where a rebound is possible. Resistance levels are at 78,500 and 79,400.
ETH: The price spiked to 2085 and hasn't stopped falling yet.
Ethereum briefly plunged to around 2085, and there are no signs of a bottom yet on smaller timeframes. It's estimated that it will dip again to around 2030 before finding support and rebounding, but that will likely just be a correction of the indicators before another decline.
So around 2030, I'll consider going long, making a quick profit and then exiting. Resistance levels are at 2160 and 2220; short positions can be considered around these levels. Support levels are at 2030 and 1980.
Altcoin
Websea has opened withdrawals, but it's truly disgusting: small retail investors with less than 1000U can withdraw freely, since there are the most people and it's troublesome to seek redress, so they're too lazy to stop them; but if you have more than 1000U, it's terrible. For example, if you have 5000U, you can only withdraw 10% every 30 days, which is 500U.
What's even worse is that even if you earn another 5,000 USDT, you still have to wait for the next round to receive 10% of the 10,000 USDT earned. In short: 6.
FHE
FHE is currently priced at 0.0289. Consider a small long position with a stop-loss at 0.027. The initial target is above 0.036. The price action on the smaller timeframes shows signs of stabilization and a potential breakout, so a long position is recommended.
FLOCK
FLOCK has been consolidating at a minor level for a while, and now shows signs of bottoming out, forming a range-bound pattern with the price near the upper limit. Consider entering a long position around the current price of 0.067, betting on a breakout. If it does break out, there could be at least another upward move.
FIDA
Short FIDA at the current price of 0.0235, with a stop loss at 0.026. The initial target is 0.019, followed by 0.017. This coin's price spikes are often a trap; don't hesitate, just short it.
ZEC
ZEC started falling on May 9th, but the volume of the drop was much smaller than during the previous rise, indicating that there weren't many sellers. The rebound over the past three months has also been accompanied by low volume, suggesting a significant decrease in buy the dips funds.
Therefore, it's unlikely to break through the previous high and continue the bull market. It's probably the best short target in the second half of the bear market. Once the signal that the rebound is over comes out, we can enter the short position.
Hakimi
Hakimi has been accumulating shares on the weekly chart, but the overall market is weak, preventing it from rising. As I said before: the fact that Binance Life can pump its price shows that Chinese-language coins have potential; the strongest consensus on the BSC chain is in Chinese-language coins. For the development of BSC, AnAn will definitely need to launch more Chinese-language coins later. Binance Life is too tightly tied to AnAn's IP; when it launches a new coin, it will most likely choose an independent IP. Currently, Hakimi has the strongest independent IP consensus on the BSC chain.
Spot trading will be available sooner or later, but nobody knows when. Just like I said Binance Life would be available for spot trading, but it took three months to launch. The same goes for Hakimi; only the exchanges themselves know the real story.
Reminder: When positive news comes out, don't rush to buy. Wait for the market to digest the information and for the signal to become clear before entering the market.
