May 31 Midday Analysis



The market shows a clear resistance signal at high levels, with prices repeatedly testing the upper band of the Bollinger Bands but failing to stabilize, continuously forming candles with upper shadows, indicating that the bullish momentum is gradually weakening. The Bollinger Bands' upward trend is narrowing, and the bullish divergence is beginning to appear on the indicators, with the short-term moving averages' support starting to weaken. In the absence of increased buying volume, the high-level sideways pattern is very likely to trigger profit-taking, and the market could turn into a correction at any time. It is recommended to mainly adopt a bearish outlook at high levels, paying attention to the potential for further decline if the support levels below are broken.

Trading suggestion: 74,500-75,000, with a target of 72,500-73,000. $HYPE
HYPE5.52%
View Original
post-image
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 2
  • Repost
  • Share
Comment
Add a comment
Add a comment
Xiamu
· 44m ago
Just charge forward 👊
View OriginalReply0
GateUser-93f1d1cb
· 5h ago
BNB's relative strength has reached the most prominent position on this round's chart. As soon as this signal appeared, I knew I couldn't chase recklessly.

BTC and ETH only saw minor corrections, but $BNB surged past 700 first, looking very fierce, but short-term congestion is the most dangerous part.

To put it simply, platform tokens are singled out by funds for trading, and the sentiment will be half a beat ahead of the overall market.

If it can hold the strong zone after a pullback, there is value in further observation; if it volume surges and then falls back, that's a typical high-risk chase.
View OriginalReply0
  • Pinned