In the past 24 hours, a total of 92,986 people worldwide have been liquidated, with a total liquidation amount of $345 million. While the recent pullback in BTC/ETH has successfully formed a bottom, the rebound stalled near the BBI level. Without a quick breakout, a clear top-and-distribution pattern is likely, followed by a downward consolidation.
Tonight's PCE data comes a week after the non-farm payrolls report. Currently, the market is fully embracing US stocks and commodities, while Web3 is being severely drained of liquidity!
BTC
BTC closed with a long upper shadow and a bearish body this morning, forming a bearish engulfing pattern with yesterday's daily chart. After failing to break through the 78k resistance level, it pulled back. Support is around the lower Bollinger Band on the 8-hour chart near 75k. If support is found, consider a Double Botto pattern, with a stop-loss order in place if the price breaks below the support level.
(1) BTC fell below 76,000 again in the second half of the night. The support level has temporarily moved down to 75,086-74,450/74,250 (long). Take profit at 76,800-77,450 on a rebound.
(2) The medium-term strategy remains to sell on rallies. The upper resistance levels for BTC are 76600 and 77588 (both of which caused sharp drops after being touched twice). The extreme resistance level of 79388 has never been tested.
ETH
ETH's trading range remains unchanged, fluctuating between 2148 and 2061. Within this range, buying low and selling high is recommended. For the middle range, patiently wait for the price to break out. Initially, it was thought that the 0.618 Fibonacci retracement level at 2061 wouldn't hold, but two sharp drops this morning quickly rebounded, indicating short-term support has been effective.
(1) The support and resistance levels at 2109 have reversed. Reduce your position by 70% when the price reaches that level. Continue to hold the remaining position and look for the 2148 level. 2148 is still a resistance level. If it touches the level but doesn't break through, it's still a short place to short. Those who know, know.
(2) Short at 2148 on the left, add to position at 2174, stop loss at 2197, target 2100 and 2061.
(3) Buy at 2061, defend the previous low of 2006, and target 2116 and 2148.
ZEC
ZEC saw a significant drop in volume last night, with selling pressure intensifying. ZEC is currently testing the neckline of a Double Top pattern and has formed two consecutive evening star candlesticks, breaking below the low of May 23rd, further confirming the bearish trend. The probability of ZEC rebounding and breaking through 700 is now low. My short positions have been moved down to the 580-630 range accordingly.
TAO
The TAO downtrend line is providing significant resistance: the highs continue to move lower, and the current price support is around $279.4, which is extremely close to the end of the triangle pattern.
If the price breaks below the purple support level ($255), it may test the next demand zone ($190-$200). Once it breaks through the downtrend line with increased volume (breaking through the $290-$300 resistance zone), the upside potential will be fully unlocked, directly signaling a medium-term reversal.
Right-side traders: Wait for the daily chart to break through the trend line with increased volume before going long.
Left-side traders: Buy in batches with small positions near the upper edge of the purple box, and set a strict stop loss if the price falls below $250.
SEI
SEI is currently performing well, showing a clear need for a rebound after a significant oversold condition. It's a parallel EVM high-speed public chain, primarily focused on DEX high-frequency trading, backed by Binance and attracting institutional attention. It has completed its bottoming process and is currently in the rebound and upward phase.
Key resistance levels: First resistance: 0.0746-0.0750; Strong resistance: 0.0800-0.0806
Key support levels: First support: 0.0680-0.0690 (short-term defense line); Strong support: 0.0600-0.0608 (important consolidation zone)
For short-term trading, consider a small position. A break above 0.0750 would be bullish, while a break below 0.0680 warrants caution.
