Master said about the coin: 5.23 Bitcoin and Ethereum evening market analysis and strategy

The Great Immortal Says Coin
2024-05-24 14:15:09
Collection
When water is full, it overflows; when the moon is full, it wanes. Self-satisfaction leads to failure, and self-conceit leads to foolishness. Those who avoid reality will have an even less ideal future. The market cleanses itself, and only the strong remain impressive. The market is ever-changing, and going against the mainstream has become the norm.

When the water is full, it overflows; when the moon is full, it wanes; self-satisfaction leads to failure; self-importance leads to foolishness. Those who avoid reality will find the future even less ideal. The market cleanses itself, and only the strong remain impressive. The market is volatile, and going against the mainstream has become the norm. When many people are bearish, the bulls may be about to arrive. The rapid switching between long and short positions always catches people off guard, and the shift between strength and weakness occurs in an instant.
Bitcoin 4-Hour Chart

4H Bollinger Bands: Currently, the price of Bitcoin is near the middle band (69633) of the 4H Bollinger Bands, close to and slightly above the middle band. The Bollinger Bands are slightly narrowing, indicating signs of reduced market volatility. In the short term, the middle band will provide some support for the Bitcoin price.
4H MA: The current Bitcoin price is hovering around the short-term moving average MA7 (69680), showing the support effect of the short-term moving average. The mid-term MA30 (68700) still shows an overall bullish trend, and the long-term outlook remains bullish.
4H MACD: The DIF line and DEA line are above the zero axis, and the MACD indicator shows that it is currently in a bullish trend, but the red bars have weakened, indicating insufficient upward momentum. Fortunately, there are no obvious sell signals.
4H KDJ: The K, D, and J lines have crossed at a low level, indicating that there is a chance for a rebound in the current market in the short term.
Bitcoin 1-Hour Chart

1H MA: The current Bitcoin price is fluctuating around the short-term moving average MA7 (69611). From the mid-term moving average MA30, the current price is above MA30, but the overall trend does not appear to be clear and requires further waiting.
1H MACD: The DIF line and DEA line are above the zero axis, and the MACD indicator shows that it is currently in a bullish trend, but the MACD red bars are short, indicating weak upward momentum, and there are no obvious sell signals yet.
1H KDJ: The 1H KDJ three-line values are in the mid-range, with the K line and D line values hovering near the mid-high range, while the J line value is in a downward state. Although overall it is still in the mid-range, caution is needed for the possibility of a pullback.
Comprehensive Analysis: Although the MACD indicator shows weak momentum, it is still in a bullish trend. Coupled with the strong support of the middle band of the Bollinger Bands, the price of Bitcoin will oscillate near the middle band (69611) in the short term.
In summary, the following suggestions are provided for reference:
Long Bitcoin near 69600-69700, targeting 70200. If it breaks, continue to look upwards towards 70800-71000, with a stop loss at 69300.
Long Ethereum at 3800-3810, targeting 3860-3880, with a stop loss at 3790.
Giving you a 100% accurate suggestion is not as good as providing you with the correct mindset and trend. After all, teaching a person to fish is better than giving them a fish. The suggestion is to earn for a moment, but learning the mindset will help you earn for a lifetime! Focus on the mindset, grasping the trend, and planning your market layout and positions. What I can do is use my practical experience to help everyone, guiding your investment decisions and management in the right direction.
**  Written on: (2024-05-23, 18:00)**

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