5.23 Evening Market Outlook

$BTC This afternoon at 15:45, the market moved down as expected, and both the morning and midday strategies had already been communicated to everyone. It reached the lowest point at 74,203 and then rebounded to around 74,700. In the afternoon, we executed a total of three trades: Ethereum entered a short position at 2,070, exited at 2,010, capturing 60 points of profit. Bitcoin entered a short at 75,600, exited at 74,400, capturing 1,200 points. In the morning, a short was placed at 75,360, and exited at 74,360, capturing 1,000 points. It was clearly stated that this week would be a narrow-range consolidation, yet many still cling to the idea of a big breakout. When the market slightly rises, they rush to enter positions expecting a breakout, only to be repeatedly slapped in the face. Knowing the range-bound movement, yet still trying to fight against the trend, the root of losses is never the market’s unpredictability, but rather one’s unwillingness to let go of unrealistic fantasies.

The four-hour chart of Bitcoin is in a clear downward trend overall, with a stair-step decline structure formed since the price retreated from the high. Each rebound lacks sustained momentum, quickly facing resistance and falling back after a rally, with the overall center of gravity continuously shifting downward. Currently, the price is near the lower end of this downward cycle, with a clear resistance zone above. The bulls’ attempt to reverse is weak, and the market is dominated by the bears. Even if there is a slight correction in the short term, the space is limited and unlikely to change the overall weak pattern. If the key support below is effectively broken, the price will continue to decline, further expanding the downward space.

Saturday night Bitcoin trading suggestions: Short near 74,800-75,300, target 73,500
Ethereum trading suggestions: Short near 2,040-2,060, target 2,000