In the past 24 hours, a total of 112,205 people worldwide have been liquidated, with a total liquidation amount of $676 million. ETH has experienced the most severe drop in this wave of decline, breaking through the bottom support trend line. After the continued downward movement over the weekend, it's likely that a top has been established.
This week, the main focus is on whether BTC/ETH will break down and continue its downward trend for a reshuffling, or stabilize within this range and repair its indicators. If it falls further, then it might be a good time to enter the spot market again.
BTC
BTC has seen three consecutive days of decline, testing the 83k level three times without breaking through before moving downwards. In the short term, there are no signs of a bottoming out, and the daily chart shows continued high-volume selling.
The price has broken below the key support level of 79000, ending the daily rebound. The next support level is 75000. Therefore, in the short term, there may be another sharp drop followed by a rebound. The strategy for altcoins remains short at higher levels.
(1) Those who have short positions should note that they can reduce their positions and make a profit from the price difference between 75,000 and 74,000 (remember not to close all positions).
(2) The area around 75000 is the second target on the 4-hour chart and the support on the daily chart. There may be a rebound. The resistance levels are 78500 and 79400.
ETH
ETH briefly dipped to around 2085. On a smaller timeframe, there are no signs of a bottom yet. A dip to around 2030 would likely lead to a rebound, followed by a correction of the indicators before another drop. Therefore, at this level, we might consider adding to our position for a potential swing trade.
The upper resistance levels to watch are 2160 and 2220; consider shorting around these levels. The lower support levels to watch are 2030 and 1980.
ZEC
The trading volume during the decline since May 9th is significantly less than the trading volume during the previous rise, indicating that the selling pressure is relatively weak at present. The trading volume during the rebound over the past three months has been significantly smaller, indicating that the amount of buying funds involved has decreased significantly. Therefore, the probability of effectively breaking through the previous high and continuing the bull market is very small.
ZEC is likely the best short target in the second half of the bear market, and I will also consider ZEC as one of my main short targets in the second half of the bear market. I will patiently wait for a clear signal that the rebound has ended before entering the market.
FHE
FHE is currently at 0.0289. Consider a small long position! Stop loss if it falls below 0.027, target 0.036 or higher! It's stabilizing on a smaller timeframe and shows signs of a breakout, so I'm decisively entering a long position!
FLOCK
FLOCK has been fluctuating within a small range for a while and is now showing signs of bottoming out . It has entered a range-bound trading pattern with the price near the upper edge. I entered a long position at the current price of around 0.067, hoping for a breakout. If it breaks out, it will at least accelerate upwards again.
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! Any pump or dump on this coin is a trap! Just short!
