5.31 Midday Market Thoughts

$BTC The weekend market overall showed limited volatility, with a wave of rebound that was somewhat strong, but it was only a short-term correction and not a trend reversal. Resistance above is clearly pressing down, and the price has yet to break through effectively. The key resistance level of 74,500 mentioned earlier has still not been reached in the current market. Due to insufficient rebound momentum and weak upward pressure, there remains significant uncertainty in the market, and the risk of subsequent pullback and weakening should always be kept in mind.

From the 4-hour chart, after a rapid decline earlier, the market is now in a low-range narrow fluctuation correction phase. The candlestick chart mostly shows alternating small bullish and bearish candles, indicating a lack of rebound momentum and a generally weak correction pattern. After touching the low of 72,436, the price slightly rebounded but did not form a series of strong bullish candles to indicate a powerful counterattack, and the rebound pace remains weak overall. The upper band of the Bollinger Bands continues to move downward, and the channel's downward trend remains unchanged, maintaining a stable large-scale bearish pattern. Trading strategies can rely on the resistance zone above to selectively open short positions.

For Sunday midday trading suggestions: short near 74,200-74,700, targeting 73,000; Ethereum trading suggestions: short near 2,030-2,040, targeting 1,980.