May 31 Midday Market Analysis

The weekend has moved into an upward consolidation phase, with the price rebounding after yesterday's pullback near 73,000, encountering resistance and bouncing back. During the early hours, as the price further recovered, it gradually regained the 74,000 level, with a peak near 74,250 before facing pressure and pulling back.
Ethereum and Bitcoin's approaches are basically the same; the market is in an upward testing phase, currently not breaking through the 2040 level, with short-term resistance still relatively clear.
I believe yesterday's reminder to buy on dips was followed by this wave of the market, but today, avoid overly aggressive chasing of the rally. Since we are near a key resistance level, focus first on whether a breakout occurs before considering continuation.
On the daily chart, after pulling back to the bottom 120 moving average and encountering resistance, the candlestick formed a long lower shadow and then turned into a series of bullish candles to recover.
Currently, it is in a rebound correction after hitting bottom, with the recent rebound approaching the critical support near the previous adjustment phase.
The key is whether the market can form a new top and bottom afterward; the dominant trend still remains bearish.
Combining the 4-hour chart, the current recovery has broken through the previous downtrend channel, indicating a shift from weakness to consolidation.
This round of recovery and adjustment has reached near the upper band of the Bollinger Bands, consistent with the pressure after the previous rebound from the bottom.
In terms of operation, continue to focus on catching a wave of pullbacks in the short term.
BTC Trading Suggestion: Short near 74,200, take profit at 73,800-73,300, stop loss at 74,800
ETH Trading Suggestion: Short near 2,035-2,045, take profit at 2,020-2,000, stop loss at 2,060