The two major weighted currencies remain unbroken balance, waiting for the market to choose the direction

Short-term market sentiment then shifted from optimism to pessimism, continuing the recent erratic character and serious lack of sustainability .

The two major weighted currencies remain unbroken balance, waiting for the market to choose the direction

Market sentiment: According to the relevant data, the number of major virtual coins in the market rose by 42.56% in the 24 hours before press time, which is less than the 57.44% of the number of declines, with 503 coins that rose by more than 10% and 533 coins that fell by more than 10%. The market’s short-term sentiment shifted from optimism to pessimism again, continuing the recent erratic character and serious lack of sustainability .

Bitcoin is still not out of the triangle consolidation zone from the larger cycle, while the volume indicators reflecting market activity are not showing significant movement. The MA60 SMA of the current 4-hour cycle is gradually shifting to a flattened state from its previous obvious downward state, and the resistance is decreasing. Triangle is the market is a reflection of the market gap between the long and short forces are relatively small, in the absence of a break from the long and short sides are more cautious.

It is expected that in the short term is still difficult to effectively out of the triangle consolidation, and the range of fluctuations will be further narrowed, trading further increase in difficulty. The best operation for this narrow oscillation market is to wait and see, no matter if you hold a position in your hand or a short position, and wait patiently for the coin price to break through the triangle to choose the direction and then follow the trend. However, because the absolute market decline has been great, so if the price of the coin chooses to break down, then the continuity of continued decline may not be too strong. If the triangle can be broken above, there is hope that a medium-term rebound will be launched.

Support: 36700–35500–33500

Resistance: 37800–39000–40800

ETH stopped falling and recovered yesterday after pulling back near the 4-hour cycle MA60 (purple curve in the chart) SMA, but there was no volume amplification during the rally, and the volume was reduced compared to yesterday’s high fall. The coin price is also currently in a triangle finishing pattern, located at the end of the pattern. Yesterday’s high was located at the 60-day SMA, and the coin price is now approaching that level again.

From the overall trend, the short-term trend of the coin price will most likely continue to run inside the triangle, and subject to the characteristics of the triangle, the fluctuation range will become narrower and narrower until the breakthrough. If the coin price can break above the triangle on volume, then you can consider following the breakout thinking to follow the trend, but in the general context of bitcoin still in a weak pattern in the medium term, you must strictly control your position and stop loss to prevent a failure to break above. Until it breaks out of the triangle, the best operation is to wait and see or do a high sell and low absorption based on the two sides of the triangle.

Support: 2634 – 2530 – 2460

Resistance: 2730 – 2790 – 2900

DOT currently out of a relatively strong characteristics, has taken the lead in choosing to break the upper resistance line of the triangle, and from the short-term trend does not appear obvious signs of stagnation, is expected to continue the upward trend. The upper resistance should focus on the last failed attack on the high point of 26.3 a line, from the current market environment and DOT’s current volume situation, the probability of a significant short-term pull-up is not high. The lower support is concerned about the 23.4 line, which can be seen as a dividing line between the strength and weakness of the rebound market in recent days, and the break means the failure of the triangle, which will seriously undermine the confidence of the long capital.

Support: 23.40 – 22.40 – 21.60

Resistance: 24.70 – 26.30 – 27.50

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-two-major-weighted-currencies-remain-unbroken-balance-waiting-for-the-market-to-choose-the-direction/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-06-02 06:41
Next 2021-06-02 07:46

Related articles