On May 11th, bearish: Continue to short below $62,000 for Bitcoin, and win two consecutive short positions for Ethereum.
https://rili.jin10.com/day/2024-05-10
Commodity Futures Trading Commission (CFTC) of the United States: As of the week ending May 7th, the net short position of the Japanese yen was -134,922 contracts, the net long position of the euro was 4,590 contracts, the net short position of the pound was -21,813 contracts, the net short position of the Swiss franc was -41,787 contracts, and the net short position of Bitcoin was -783 contracts.
It is expected that ETC's announcement of reduced production in June will lead to some potential for an increase. The market needs to adjust, but the bull market for ETH is not strong enough.
Bitcoin planned to pull back and go long in the early session yesterday, but Bitcoin did not provide an opportunity for long positions. It rose slowly all the way, and Bitcoin was under pressure at the $63,500 resistance area. We directly started shorting at $63,000 for a short-term position. Bitcoin fell below the $62,000 mark, and the short positions accelerated the decline. With the stabilization of the Bitcoin market at $61,000, we continued to short. Bitcoin fell again, and the short position on Bitcoin achieved two consecutive victories, ending perfectly.
BTC daily chart
From the daily chart perspective, the candlestick has formed a large downward shadow and is still below the middle track, showing a weak trend. The MACD continues to decline with increasing short positions. At present, the selling sentiment has been almost exhausted, but there are signs of a rebound. It is unlikely to have a big rebound today. It is expected that there will be continued oscillation and adjustment in the future. Just pay attention to the resistance at $62,000 and the support at $59,000.
BTC four-hour chart
From the four-hour chart perspective, Bitcoin experienced a significant decline yesterday, with the MACD continuing to decline and the KDJ crossing downwards. Generally, a strong market performance from yesterday will not have a significant adjustment. Even if there is a one-sided decline, it will not be very strong. In the short term, it will consolidate at a low level. It is recommended to focus on long positions at low levels and short positions at high levels.
Short in batches on the rebound from $61,700 to $62,000, stop loss at $62,400, and target around $61,000 to $60,500.
For Bitcoin, build long positions in batches at the discretion of the rebound target.
ETC is synchronized.
The above is a personal suggestion for reference only. Investment involves risks, and trading should be cautious. Put risk first, and then plan for profit. There is no empty talk, no exaggeration, only a solid foundation of practical experience to create stable returns for everyone.
The release of the article may have delayed market changes. The mentioned points in the article do not serve as a basis for following orders. For more real-time market analysis, please follow the public account above for discussion and exchange.
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