Preface: Investment involves risks, please proceed with caution.
Article review takes time, there may be delays in publishing, the article is for reference only, welcome to read!
Time of writing: 14:59, June 5th, Beijing time
Market Information
- If US employment and inflation slow down, Bitcoin may hit a new high;
- Bitwise: Changes in US politics may pose a risk to the $2 trillion cryptocurrency industry;
- The total market value of holdings in nine spot Bitcoin ETFs in the US has exceeded $60 billion, reaching a historical high;
- Foreign media: The US House of Representatives' budget aims to prevent the SEC from implementing SAB 121;
- Benchmark: Galaxy Digital may benefit from the improved political sentiment towards cryptocurrencies in the US;
Market Review
Yesterday, we mentioned that there was still room below for Bitcoin, and it should go below 68050. The lowest point for Bitcoin's decline was at 68567, which did not reach the target range. It then rebounded, with the highest point at 71275. Short positions earned around 1500 points but were not exited in time, resulting in breaking even at the end, at least not incurring losses. The suggested stop-loss for Ethereum was around 3850. Yesterday, Ethereum rose to a high of 3839. Ethereum's performance was relatively weak, currently near the cost price. Overall, after Bitcoin broke through the resistance level, even if it rises, there is still an opportunity for a pullback. Pay attention to short signals in the short term. Based on the trend, be cautious about shorting, and go long when it falls.
Market Analysis
BTC:
Looking at the 4-hour chart, Bitcoin has shown strong bullish momentum after breaking through the resistance near 70000. In the early 4-hour session, a doji was formed, and short-term short signals were engulfed by bullish candles and then rose again. Friends who shorted based on the doji at the high point of 70687 and the low point of 66670 mentioned in yesterday's article should have been swept out by this rally. The market currently has more positive factors, such as the inflow of funds into spot ETFs and the expectation of the Fed's interest rate cut. Bitcoin has returned to a strong bullish phase. Pay attention to the support at 70000 in the current trading of Bitcoin. Once it breaks through the resistance, the resistance will become support. In the short term, a light position can be taken at this level for long positions, with a target of breaking through the previous resistance at 71979. Enter the market at your own discretion. For short-term trading, manage the risk and take responsibility for gains and losses.
ETH:
Looking at the 4-hour chart, despite Bitcoin's rise, Ethereum is still in a small range oscillation. The rise last night did not break the short-term high near 3850. Ethereum is currently not active. After Bitcoin's rise, Ethereum is expected to become active. Yesterday, Ethereum was shorted near 3800, with a strict stop-loss. Exiting with a small profit when it fell during the day, the recommended position was near 3755. After exiting, long positions can be established based on Bitcoin's trend, with 3700 as the support and a target near 3915. Ethereum's current trend is relatively slow, so there is not much hope for a major breakthrough. Enter the market at your own discretion. For short-term trading, manage the risk and take responsibility for gains and losses.
In summary:
Bitcoin has broken through the resistance, and the future is bullish. Pay attention to changing direction in trading.
The article is time-sensitive, be aware of the risks, the above is only personal advice, for reference only!
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The most attractive part of a city is having the person you want to see, and the most attractive part of a market is having the money you want to earn.
A person's sense of boundaries is knowing what can be done, what cannot be done, knowing what one does not know, and knowing what one knows. This is the boundary. Not knowing what one knows, not knowing what one does not know, the sense of boundaries is blurred, leading to overestimation or underestimation of oneself, without an accurate self-assessment. With boundaries, try to do things that you can understand at a glance, things that can be easily resolved, just like trading. If you can't understand it at a glance, it does not fit the trading system. The longer you study, the more blurred it becomes.
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