【0516 Market Analysis and Suggestions】2/2
III. On-chain and off-chain data
1. BTC exchange net position: continuous large outflow.
2. ETH exchange net position: continuous small inflow.
3. Derivatives trading volume: at the median level.
IV. Technical aspects
$BTC daily line: breaking through the upper track of the falling channel and the near high point, if it does not fall below 64,000, it may form a head and shoulders bottom. There are more than 410,000 chips around 66,200. Wait patiently for the digestion of this part of the chips. It is still a good time to enter the market when it falls back.
V. Market tone and operation suggestions
1. $BTC : The medium and long-term trend is bullish at a higher level, and you can enter the market when it falls back; there is a need for a correction in the medium and short term, and there is no catalyst to start a new round of rising market.
2. $ETH : As the last time of spot ETF approaches (May 23), the probability of rejection is expected to be high. It is recommended to avoid ETH and Ethereum-related currencies, especially DeFi projects based on Ethereum. If ETF is rejected, it may be dragged down and hit hard in the short term.
3. Copycat: Affected by Ethereum, except for hot currencies, most copycat rebounds are recommended to reduce positions or exit appropriately and control positions.
