Tuesday, May 29th, Bitcoin morning insights
In the early morning, the sun shines through the gaps in the curtains, awakening the sleeping world. The new day is full of infinite possibilities and hope, making people full of expectations. The market strengthened again overnight. After a round of gains in the early morning, the currency price reached the highest level of 70,700 and then stepped back under pressure. It rebounded again after hitting the bottom of the 69,000 area. It is currently running near the 69,400 area. Yesterday, chasing the rise all the way, I also won the big 2,583 space. . The overall rhythm of the current trend is strong, and there is an upward trend. In terms of operation, participation remains unchanged with a low-long mentality.
Judging from the current daily trend, the strong upward trend has broken the recent back-and-forth trend, with a single-day increase of nearly 2,700 points. There is also a retracement in the short-term rhythm, but the momentum of the retracement is still relatively weak compared to the increase. The overall rhythm is still in a strong structure. Judging from the 4-hour chart, the price is currently in an upward channel, which is a bullish signal. At the same time, the MACD indicator also formed a golden cross above the zero axis, which is also a bullish signal. Furthermore, Bitcoin price is also above the 50-day EMA and 200-day EMA, which indicates that the market is in a bullish trend. Therefore, from the perspective of technical analysis, Bitcoin is currently in a bullish state and is expected to continue to rise in the future.
Bitcoin is recommended to go long around 69000-68500 in the morning, with the target focusing on around 70500-71500.
Ethereum recommends going long near 3860-3830 in the morning, with the target focusing on around 3950-4000.
Stay calm when trading and don't be swayed by emotions. Greed and fear are the enemies of trading, and we must learn to control them. At the same time, you must continue to learn and improve your investment knowledge in order to better respond to market changes.
