BTC price is so strong, what should those with short positions do?

Fed officials spoke intensively on Monday and Tuesday, with a total of 8 speeches. I bet there will be hawkish remarks in these 8 speeches.

Why? Because after the release of CPI, all financial markets are bullish, and US stocks have been rising for several weeks in a row, with almost no declines in between. Therefore, there is no need to be dovish at the moment. Secondly, US inflation is actually very stubborn and will rebound if you are not careful. Overheated market expectations can easily lead to repeated inflation, and the Fed needs to exercise restraint and patience on the issue of inflation.

There will be economic data released on Wednesday, Thursday and Friday, and I predict that these data will be generally positive.

Based on the above analysis, we should operate as follows: those with full positions continue to wait, those with empty positions look for opportunities to buy at the bottom, and once an opportunity is found, buy heavily!

5 100x cryptocurrencies worth buying in the 2024 bull market!

1. DONE

FET is an Ethereum token that powers Fetch.ai, an open platform that provides tools for building innovative AI applications and services. Amid the recent market consolidation, FET price has been trading sideways, resonating within the two converging trendlines of a triangle pattern.

At press time, Fetch.ai coin is trading at $2.35 with a market cap of $2 billion. If the bullish pattern holds, the FET price will break above the upper trendline and change the potential target of $3.48, followed by the psychological level of $5.

2. Floki

The popular dog-themed meme cryptocurrency Floki has seen a notable rise this week as the price of Bitcoin surged to $67,000. Due to its inherent volatility and the influence of speculative trading, the meme industry often exhibits wild swings in response to new market changes.

Floki price decisively broke above the $0.0002 neckline resistance of the ascending triangle pattern on May 15. Such a continuation setup is known to accelerate bullish momentum and fuel a long-term recovery.

If the breakout sustains, FLOKI price could challenge the $0.00031 high and $0.45.

3.BONK

Solana-based Memecoin entered a new recovery in mid-April as the price recovered from the $0.000012 support level. A renewed surge in buying interest has pushed the coin’s value up 160% to challenge the $0.000029 resistance level.

Analysis of the daily chart shows that this recovery developed into an inverted head and shoulders pattern. Furthermore, bullish reversals usually occur at market bottoms, signaling a change in market sentiment.

A potential breakout above the $0.000029 neckline will strengthen the bullish momentum and push the BONK price to $0.000047 and later to $0.000071.

4. GHOST

AAVE token price has shown strong resilience above $80 during the recent market correction. Moreover, the altcoin has bounced off the aforementioned support multiple times, indicating that investors are actively accumulating the asset during market declines.

On May 15, AAVE price recovered from the $80 support and surged 11.35% in four days to reach the $88.6 mark. If the bullish momentum continues, buyers will break above the resistance trendline and aim for a target of $153.

However, a potential recovery might face resistance at $97.5 and $109.

5. THIS

ENA, the native utility token of synthetic dollar protocol Ethena, has been in a corrective trend for the past five weeks. Moreover, the downtrend dominated by two converging trend lines suggests the formation of a falling wedge pattern.

The narrowing of the range on this chart setup suggests a weakening of bearish momentum and a chance for buyers to regain control. Moreover, ENA price is currently trading at $0.74, with an intraday gain of 3%.

A potential breakout of the wedge pattern will signal the end of the corrective pattern and support ENA price to chase the high of $1.5.

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