5.13, Wednesday—Zhongling morning BTC/ETH silk road: Continue going long

In the overnight market, the price pulled back again and briefly broke below the 80,000 level; the lowest touched was 79,808, setting a new recent low. However, the bulls quickly stepped in with strength, and the price was rapidly pulled back. Ethereum’s movement is basically in line with this as well: the lowest pullback was around 2255, and it has been gradually rebounding from midnight into the morning; it has now risen back to around 2281.

From the four-hour cycle perspective, although there is some in-fighting within the smaller cycle, overall bullish power is building up. Price is consolidating and ranging within the box range, accumulating momentum for an upside breakout. In the short term, after the prior surge, there was a technical pullback; the price retraced to test the middle band of the moving averages and the key support area below. But this is precisely the process of confirming that the support is effective. Now the price is close to the key support area below, the bears’ downside room is clearly limited, further selling is losing steam, and the bulls’ counterattack window is opening. Overall, it is still in a consolidation-and-accumulation phase, but the willingness to absorb from below is strengthening. In the short term, long positions should be built on dips based on the support area!

Trading suggestions:
Buy long in the 79,700-80,000 range for “Big Cake,” target 82,500 for the day!
Buy long in the 2,240-2,260 range for “Yi Cake,” target 2380 for the day
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