Market laws, twists and turns, reincarnation, internal cultivation, external practice, the road ahead is long. Doubt can filter risks, but it can also lead to missed opportunities. To seize opportunities, one must be brave enough to try. Different attitudes towards life yield different results. Without great ambitions, even with help from influential people, one will ultimately achieve little. Countless difficulties are not insurmountable challenges; the success story of an investor is actually a history of learning and growth. The journey may be arduous, but don't forget the original intention, and you will eventually succeed.

2024.5.20 BTC————————

The weekly chart of Bitcoin completed a bullish engulfing pattern, indicating a reversal of the long and short forces at the weekly level. The first support level on the daily chart is around 65600, and a strong support for the long and short trend is recommended to be around 63500. This means that if the support level of 63500 is not broken this week, there will definitely be an opportunity for further price increases, and there is a chance to attempt to break through the psychological barrier of 70,000. In the short term, the price on the four-hour chart is running within the lower Bollinger band channel, with resistance around 66600 and support around 65000. The MACD indicator on the chart shows continued increasing bearish volume, with the fast and slow lines in a high-level death cross, indicating an overall downward trend in search of support. On the one-hour chart, the Bollinger Bands are showing signs of a downward price movement, with a focus on the short-term support level of 65500. In summary, it is suggested that the main strategy for Bitcoin's subsequent pullback is to go long.

Pending orders:

Long at 65500-64900, with a 300-point stop loss, and a target of 500-800 points or more

(The strategy can only be used once, and the placement of the stop loss is at your discretion)

2024.5.20 ETH————————

After a stable period following May 19, the price of Ethereum has not experienced significant fluctuations. The range of 3050-3080 is currently where we hold long positions. There is no clear bullish reversal on the daily chart due to the lack of significant buying power compared to Bitcoin. Only when the price stabilizes in the range of 3050-3080 today, can we see a true bullish reversal on the daily chart. Friends who are considering long positions at 3050 on the daily chart can focus on the strong support at 3030. In the short term, the Bollinger Bands on the four-hour chart are starting to contract, indicating a potential overall period of oscillation. The MACD indicator shows continued bearish volume, with the fast and slow lines in a high-level death cross, suggesting that it will take some time for a complete reversal of the long and short positions on the four-hour chart. Therefore, oscillation is the best choice. On the one-hour chart, the price is maintaining a downward channel, with support at 3030 and resistance at 3080. If the price on the one-hour chart can break through the 3080 resistance, there will be a potential test of the 3150 level. In summary, it is suggested that the main strategy for Ethereum's subsequent pullback is to go long.

Pending orders:

Long at 3050-3080, with a 30-point stop loss, and a current target of 50-80 points or more

(The strategy can only be used once, and the placement of the stop loss is at your discretion)

This article is exclusively written by senior analyst Qin Chuan, who has been studying the investment field of Bitcoin, Ethereum, contracts, spot, gold, forex, stocks, etc. for many years. Currently, he mainly guides contract operations, with a solid theoretical foundation and practical experience. He is good at combining technical and fundamental analysis, focusing on capital management and risk control, and has a steady and decisive operating style. He is recognized by the majority of investment friends for his amiable and responsible character, as well as his decisive operations. For more real-time investment strategies, trading techniques, operational skills, and knowledge of candlestick charts, please follow the public account: Zhao Qin Chuan.

Disclaimer: The above analysis represents the author's personal views and does not constitute specific operational advice. Trading based on this information is at your own risk. Investment carries risks, so please be cautious when entering the market.

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