Crypto News
May 16th Hot Topics:
1. Kashkari of the Federal Reserve: BTC is neither an investment tool nor a currency
2. Grayscale's ETHE premium rate reaches 23.64%
3. Federal Reserve Board Member Bowman: States and the federal government need to cooperate on stablecoins
4. Internet celebrity and former professional taekwondo athlete Andrew Tate announced plans to purchase $1 billion worth of Bitcoin
5. Several major Wall Street banks maintain their previous predictions of a rate cut by the Federal Reserve
Trading Insights
The best remedy for consecutive losses
Almost all traders have experienced consecutive losses, during which they were unable to grasp the market's rhythm and faced repeated failures.
When facing consecutive losses, you should not try harder to reverse the situation.
When your trading performance worsens, the best solution is usually to liquidate all positions (or protect your positions by setting stop-loss orders, after which there is no need to make trading decisions, and all operations are based on the gains and losses of the stop-loss orders), then stop trading, take a few days off, or even a longer break.
Liquidating positions can help you regain objectivity.
If you stay in the market at this time and continue trading, you will not be able to remain objective.
Because each loss further undermines your confidence, consecutive losses can lead to negative emotions, a depressed will, and a languid spirit. Resting physically can eliminate all negative and pessimistic influences.
After resting, when you start trading again, you should maintain a smaller trading size; until you regain confidence, then you can increase your trading size.
Search for the public account: "Big White Coin Forum"
BTC
Analysis
Bitcoin's price showed a slight upward trend yesterday during the day, and accelerated its rise in the evening due to the CPI news. It reached a high of 66650 before falling back. Congratulations to friends who followed this strategy and profited from long positions. Currently, the price is running near 66020. After seven consecutive positive candles on the four-hour chart, it turned negative and formed a triple top, breaking the upward trend. The resistance near 67000 is worth attention. The MACD is in a bullish state with a golden cross of the two lines, indicating an overall bullish trend. However, after rising more than five thousand points at once, there will inevitably be some downward correction. The daily chart shows strong bullish sentiment. If it can stabilize above the MA60, it will further test the resistance area. The suggested strategy is to adjust and continue to enter long positions, while holding coins for the long term. The resistance above is at 67000-68000, and the support below is at 65200-64500.
ETH
Analysis
Ethereum followed the overall market's upward trend yesterday, but with less strength than Bitcoin. It was resisted near 3040 after reaching a high, and is currently running near 3011. The four-hour chart is resisted by the MA120, and the bullish momentum is weakening. However, the MACD is still in a bullish state with a golden cross of the two lines, indicating no change in the overall trend. Short-term adjustments are expected to be minor. From the daily chart, the market is still oscillating at the bottom. Despite the positive news, Ethereum has not risen much. It may only experience a surge if the ETF is approved. Pay attention to whether it can stabilize at 3000, as stability will lead to another rise. The suggested strategy remains to focus on long positions, with resistance above at 3050-3130, and support below at 2950-2860.
Disclaimer: The above content is for personal reference only and does not constitute specific operational advice, nor does it bear legal responsibility. Market conditions change rapidly, and the article has a certain lag. If there is anything you don't understand, feel free to consult.
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