Tuesday’s overall market performance slightly improved, but bitcoin performance is still sluggish, the rebound is weak, for the market still poses a major hidden danger, so keep the previous view, bitcoin can not afford a day, the market is difficult to comprehensive recovery, so for the current market still need patience, waiting for recovery signals appear, the past period of time bitcoin has accumulated more than 30% decline, and now gradually into the overbought area, so the price will be oversold rebound market at any time, therefore, at this stage no need to over panic and make a cut behavior.
According to the latest monthly survey conducted by Bank of America Global Research, nearly 45% of fund managers surveyed believe that the most crowded trade in the market in May was long bitcoin, up significantly from 27% in April. Back in January, being long Bitcoin was recognized as the “most crowded trade” in the survey. This means that the market is still very long on bitcoin, and the market needs a round of “retail action” to get the price moving higher in the future.
Yesterday’s price once again rose and fell, failing to close above $45,000, leading to a new low in today’s morning session as the shorts stole again, showing that the current downtrend has not yet eased, and may test the $40,000 mark in the short term. According to the recent rhythm of the market, when there is a rally in the morning session, the probability of a fall in the evening session is higher, on the contrary, if the morning session falls, the price will start to rally from the lunchtime session, so pay attention to whether the same situation will occur during the day.
From the hourly chart, MACD has been in the oversold area, short-term into the point of no decline, so pay attention to the reversal of the market at any time, as long as the price can stabilize above $ 45,000, there will be a short-term stop signal, it is recommended to do more at low, in batches of absorption. Pressure level: 47000, support level: 40000.
Short-term prices in the 3550-3200 region, pay attention to this area can constitute the bottom, in the medium and long-term trend remains unchanged, it is recommended in the 3400-3100 region layout of the medium-term, the price is expected to be a new high in the second half of the year. Pressure level: 3500, support level: 3120.
The price retreated again to the $33 line. It is expected that the long and short sides will enter a battle around this position during the day, and if the short side can take this level, the short-term price will go further down to the $30 mark. Pressure level: 36.00, support level: 33.00.
In the short-term downside channel has not changed, it is not appropriate to enter the market for the time being, wait and see, the price is expected to test near $460, pay attention to this level can constitute support. Pressure: 540, support: 460.
Yesterday’s high fall, failed to stabilize above $ 300, short-term back to test again $ 260 a line, pay attention to the day price can again hold this support level, if you can hold will rebound again. Pressure level: 300, support level: 260.
Short-term oscillating market, as long as the current box is not damaged, the longer the crossover cycle, the more explosive the market, so for the second half of the market can be expected, it is recommended to continue to hold on to hold the main. Pressure level: 42.00, support level: 36.00.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/the-market-scares-itself-again-and-the-hearts-of-retail-investors-are-too-fragile/
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