No matter how difficult it is to do anything, whether there will be results or not, these are not important. Even if you fail, it is normal. The key is whether you have the courage to break free from the constraints and whether you have the guts to face it bravely. Do not hesitate at the beginning of things, and do not look back during the process. Only in this way can everything be possible!
Hello everyone, it has been a while since we last met. The May Day holiday has ended, and the cryptocurrency market seems to have returned to its original state. In our previous article, the market was at a similar level, and it remains so now. During this period, after some fluctuations, the price peaked around 97900, then fluctuated and fell back to around 93500 yesterday, with no extreme market movements occurring. In terms of operations, following our previous analysis, we maintained a strategy of shorting at high levels with low leverage. There’s not much to say about profits or losses; low-leverage positions definitely need to allow for significant space to achieve noticeable gains, which has not yet been reached. The price has not broken through 98000, so we enjoyed the holiday with peace of mind. Next, we need to align with the market to strive for more profits.
On the chart, after a series of consecutive bearish candles, some changes are starting to appear. The price has begun to operate below the short-term moving averages. For the intraday view, the MA7 line around 95500 is currently forming short-term resistance, while the main support comes from the MA120 line around 91500. From a technical indicator perspective, the MACD has started to enter a bearish cycle, but it is still early in the time frame, and we need to wait for further confirmation from the market. The KDJ three lines are showing a downward divergence. For the daily chart, the primary concern is whether this technical pattern's pullback demand can gain strength. On the news front, there will be an FOMC meeting this week, at 2 AM on Thursday, and perhaps the market will experience some changes based on the news.
On the four-hour chart, the market is in a downtrend, currently maintaining a range of consolidation. In the short term, it is operating around the MA7 line. From a structural perspective, there is a need for a rebound and repair after an oversold condition on the four-hour cycle, but currently, the strength is lacking. Additionally, in terms of market liquidity, there is a liquidity issue for both the bearish positions above and the bullish positions below. In such a situation, the market generally needs a period of consolidation to allow liquidity to re-enter before it can choose a direction for a breakout.
In terms of operations, our current view of the market is that it will likely remain in a short-term range, which may last for a while, while maintaining a bearish trend. Therefore, the strategy is still to focus on shorting at high levels. The previously held low-leverage short position at 95500 remains unchanged, and after the FOMC meeting, we should have some results.
Ethereum has smaller volatility, but it is about to undergo an upgrade, so it is worth paying attention to. On the 7th, Ethereum will undergo the Pectra upgrade, and whether Ethereum can break free from its current weak position will require time to observe.
【The above analysis and strategies are for reference only. Please bear the risks yourself. The article is subject to review and publication, and market changes in real-time may lead to delays in information. Specific operations should follow real-time strategies. Feel free to contact us for discussions on the market.】
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