When the water is full, it will overflow; when the moon is full, it will wane; when you are complacent, you will fail; when you are proud, you will be foolish. Those who avoid reality will have an even worse future. The market will be cleansed, but only the strong ones will remain. The market is volatile, and going against the mainstream has become the norm. When many people are bearish, the bulls may be about to come. The rapid conversion between long and short always catches people off guard, and the conversion between strong and weak happens in just a moment.
In yesterday’s article “Ethereum passed a resolution in the early morning of May 24, and the price fluctuated like water”, Daxian gave a long order entry near 67200, with the first stop profit point at 68200 and the second stop profit point at 68700, easily taking 1500 points of profit. Friends who follow Daxian believe that they have also seized this wave of profits.
Bitcoin four-hour chart
The current price is above the middle track of the 4H Bollinger Band (68799), which is at a high level. The upper track of the Bollinger Band (70660) will cause some resistance to the upward momentum, but if it breaks through the upper track, the price of Bitcoin will rise further; the DIF line in the MACD is above the 0 axis and is greater than the DEA line, indicating that it is still in a bullish mood, but the DIF line and the DEA line have a clear convergence trend, and the length of the red bar chart is shortening, indicating that the current bullish force is weakening, and the price of Bitcoin may be adjusted in the short term; from the KDJ indicator, the current K, D, and J three-line values are in the overbought area at a high level, and we need to be alert to the risk of a callback; Bitcoin is currently in an upward trend, but the MACD and KDJ indicators show that the upward momentum has weakened, and KDJ is in the overbought area, and there is a risk of a callback in the short term. If the price can break through the upper track of the Bollinger Band, then the price may break a new high, and the 7MA moving average position and the middle track of the Bollinger Band can serve as a short-term support point.
Bitcoin one-hour chart
The current price of Bitcoin is oscillating and consolidating above the 1H level Bollinger Band middle track (68706). The length of the MACD red bar is shortening, indicating that the current upward momentum is insufficient. The K, D, and J line values are at a medium-high level. Although it has not yet entered the overbought area, we also need to be vigilant about the risk of a pullback. If the adjustment is large, we need to pay attention to whether the Bollinger Band lower track (68143) and the 30MA line (68235) can provide strong and effective support.
To sum up, the following suggestions are given for reference
Short Bitcoin around 69650, target 68500-68200, defense 70150
Bitcoin is long at 68200-68500, with a target of 70200 and a defense of 67850 (network publishing is delayed, and the above points are all at the time of writing)
It is better to give you a correct idea and trend than to give you a 100% accurate suggestion. After all, it is better to teach a man to fish than to give him a fish. Suggestions can make you money for a while, but ideas can make you money for a lifetime! What matters is the idea, the grasp of trends, the layout of the market and the planning of positions. What I can do is to use my practical experience to help you so that your investment decisions and business management will go in the right direction.
Writing time: (2024-05-25, 17:45)
