Tuesday, May 28, Bitcoin Evening Thoughts and Insights
During the day, the market showed a slow rise and fast fall, which was mainly attributed to the following three factors:
(1) The currency of a mysterious party has changed, with a value of hundreds of millions of dollars. More than 8,000 BTC have been transferred from related wallets to unknown wallets, and the BTC worth billions will be paid before August this year, which undoubtedly brings great pressure.
(2) There are a large number of locked-in positions above 65,000. After the rebound after the recent plunge, these locked-in positions will inevitably seek to exit. Therefore, if there is no super-significant positive news, it will be difficult to effectively break through the 65,000 mark.
(3) Before the release of the US PCE data for March on Thursday night, large funds are relatively cautious and will not act easily. Before Thursday, the market is likely to maintain a volatile pattern. According to past experience, the probability of a decline before the data is released is relatively high.
In this emotional atmosphere, Bitcoin failed to continue its upward trend after rising to the 70700 area overnight, and then there was a sharp correction. As of now, it is still consolidating at the 68500 line. The daily line shows an alternating cycle of yin and yang, and both have long upper shadows. It is difficult to break through the bullish view, and the bearish view is not sustained. The overall pattern still tends to continue to adjust.
At present, it has stopped falling and rebounded after touching the 67400 line. If it can break through 68500 before the opening of the US stock market, then it is necessary to consider retreating and going long. The US market pays attention to the second continuation. If it cannot continue to break through the key pressure level, then today is likely to be a volatile market. If it cannot break through the morning start and fall during the rise, it will be difficult to continue the rise and it will also be a volatile repair. Focus on the suppression of the 69500 line, and the support level below is 67500. Follow the principle of no destruction, no establishment.
For Bitcoin night operation, I personally recommend shorting at 69000-69500, and the target is 67500-67000
For Ethereum night operation, I personally recommend shorting around 3920-3930, and the target is 3850-3800
Every investment decision is a growth, don’t be afraid of failure, it is the cornerstone of success, let us continue to transform in investment
