Feige Market Analysis! (May 24)

BTC encountered resistance around $72,000 and then retreated. I think the current 50% retracement of about $65,200-67,200 is an important support level for the following reasons:

1. Fibonacci retracement: This range is the 50% Fibonacci retracement of the current range, which is usually a strong support level.

2. Weekly opening price: This range is also the weekly opening price position, and there will often be buying to provide support.

3. Slowing down momentum: From the high to the current position, the downward momentum has slowed down, reflecting the reduction of shorting pressure.

4. Long-term uptrend: From the high-level weekly and monthly lines, BTC is still maintaining an uptrend, so the current retracement may just be a way to seek higher bids.

Possible future trading strategies:

1. Buy on dips: If there is further support around $65,200, consider buying on dips near this area.

2. Wait for a good buying opportunity at a lower position: If it fails to stabilize in this area, and the decline intensifies and falls below this area, you need to wait for a good buying opportunity at a lower position.

3. Short on rallies: If the short-term rebound reaches above the daily high of $68,200, you can consider shorting on rallies, with the target falling in the $65,400 support area.

4. Breakthrough to confirm the bull market: The bull market needs to break through the previous $72,000 resistance level again and form a new higher high to reconfirm.

In general, I am optimistic about the medium-term trend of BTC and believe that it is only a retracement to seek higher bids, but short-term operations need to pay close attention to the support strength of the $65,000-67,000 area.

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