5.24 Ethereum 19-4 document landed, the callback stabilized and then rushed

The SEC approved the 19b-4 document of the Ethereum spot ETF. Only the S-1 document has not been passed. Only after it is officially passed can Ethereum really have funds entering the market. At present, the SEC has begun to discuss matters related to the S-1 form with the issuer. Although it is uncertain how long this process will take, some analysts predict that it may take a few weeks.

The sharp price fluctuations after the 19B-4 document was passed are because some people chose to take profits on the news and leave. In the short term, a large amount of speculative funds poured into the market to obtain quick returns. These funds were quickly withdrawn after the news landed, resulting in price fluctuations and callbacks.

Some investors follow the strategy of "buy expectations, sell facts", that is, buy in the news expectation stage and sell when the news is fulfilled. This will lead to selling pressure when good news lands, but the S-1 document has not landed, and Ethereum still has at least a large part of the hype, so some people will choose Ethereum to take profits, and some people will continue to hold and wait for S-1 to pass, so in the short term, Ethereum has not passed the bottom and there will be price support.

As Bitcoin fell at a large level, some people cashed in their profits and left the market in advance, but there is still a chance for a wave of highs at the end of the month on May 31, because institutions may still bet on the possibility of leaving the market at 70,000.

Daily level market

- ​​There is a logic of callback after breaking through the upper pressure at the daily level. If the weekly level continues to fall below 66,300, then the market will continue to see shocks in the future and successfully trap people.

Daily level downward trend, upper pressure around 68,500, bottom support around 66,600 and 66,000, and large support around 64,500.

4-hour level market

4-hour level oversold rebound in the short term, come to the pressure around 68,800-68,500, you can still choose to enter the short position, the key pressure position is around 68,800, and the bottom support is around 67,300.

Intraday level analysis

-----Bitcoin is still in a downward trend. The upper pressure of the small-level market is around 68,300 and 68,800. After breaking through, it can reach 70,000, but subjectively I don’t think it will break through. When it reaches around 68,800, you can enter the market with short orders to regulate Bitcoin. The bottom support is around 66,000-66,300. Pay attention to whether it falls below. If the market fails to recover at the weekend and the bottom fails to bottom out at 66,300, then the subsequent large-level will continue to pull back to around 64,500.

After Bitcoin stabilizes at 66,300, the weekend market of altcoins will also return. The weekend should be the time when most altcoins are repaired. The Ethereum profit-taking and Bitcoin short-term profit-taking leave the market. Pay attention to whether all the exits are completed. After all are completed, the altcoins will be deployed on the weekend.

The market has changed rapidly recently. If you want to adjust your position or don’t understand the trend, you are welcome to communicate and learn. #BTC走势分析 #山寨币热点 #BTC #ETH