Preface: Investment involves risks, and operations should be cautious.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Article writing time: May 30, 10:02 AM Beijing Time
Market News
President Trump will hold a press conference with Elon Musk tomorrow. "This will be his last day, but not really… Elon is amazing!"
Coinbase is set to reopen its office in San Francisco, USA;
Nigel Farage, leader of the Reform Party in the UK, will propose a strategic Bitcoin reserve bill.
Wall Street giant Cantor Fitzgerald will launch a gold-backed Bitcoin fund;
JPMorgan: Strong inflows into US spot cryptocurrency ETFs on Wednesday;
Market Review
The recent volatility range of Bitcoin is larger than expected. The range we mentioned earlier, 10750-110700, was broken last night, with the lowest point currently at 104521. Our short-term long position has also incurred a small loss of 1500 points. Ethereum tested the upper resistance near 2750 before falling, and our short position was stopped out around 80 points. The highest point for Ethereum was 2788. Although we were stopped out, the overall trend remains in a volatile state, and we continue to maintain a volatile trading strategy;
Market Analysis
Bitcoin:
From the daily chart, Bitcoin's recent trend has been a slight fluctuation after a rise at high levels. Trading around the high-level slight fluctuations after this rise is not a problem, but the market is not absolute. This short-term pullback has broken the high-level slight fluctuation range, and the next low point is at 100678. This point, as the previous fluctuation range low, can serve as support. Currently, Bitcoin's price has come down and is close to the support area. In trading, we can plan around the support area below, recommending an entry point near 104500, with a possible addition near 103500. The stop loss is recommended at 102000, with a target of 108500-109500. Please manage your entry opportunities; for short-term trading, control risks and manage profits and losses independently;
Ethereum:
From the daily chart, Ethereum is still fluctuating in the 2750-2430 range. Before the drop, it tested upwards first. It’s a pity that our short position was stopped out. Currently, Ethereum has not broken out significantly. In trading, we can wait for a pullback to plan for long positions, recommending an entry point near 2530, with a stop loss at 2460, and a target of 2690-2730. Please manage your entry points; for short-term trading, control risks and manage profits and losses independently;
In summary:
Bitcoin and Ethereum are still in a volatile trend, with trading strategies of shorting high and longing low;
The article is time-sensitive, be aware of risks, the above is only personal advice, for reference only!
Follow the WeChat public account "Crypto Lao Zhao" to discuss the market together;
"In life, one should enjoy to the fullest, do not let the golden cup face the moon empty, cook sheep and slaughter cattle for joy, one must drink three hundred cups at once." Always retain the boldness of Li Bai, "Cen Fuzi, Dan Qiu Sheng, let’s drink, don’t stop the cups." Always have brothers with whom you can talk about anything. Cheers to life, cheers to the past, keep it up, every person in the crypto circle.
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