Li Mingyang June 2 Evening BTC/ETH Hourly Chart Analysis + Long and Short Trading Strategies

After a round of decline, ETH hourly chart enters a low-level weak consolidation, with the range defined between 1955-1994. The recent low of 1955 forms a firm support, while 1994 acts as short-term resistance. The high and low points of the candlesticks are slowly moving downward, with alternating bullish and bearish candles. The MACD indicator remains glued below the zero line, repeatedly crossing over and under, while RSI stays in the neutral zone of 40-55. The market shows no clear upward or downward trend, indicating a weak, range-bound consolidation, suitable for high sell and low buy within the range.

BTC hourly chart previously experienced continuous unilateral decline, currently halted at 68,588 and entering a low-level correction and consolidation. The short-term range is 68,028-69,705. The downward momentum is gradually weakening, with small bullish and bearish candles sideways, indicating a phase of exhausted selling pressure. Short-term trading should operate within this range.

Long Positions
Entry: Gradually build long positions on dips within the support zone of 1958-1962
Stop Loss: 1954
Take Profit: First target 1982, second target 1993

Short Positions
Entry: Short on rebounds near 1990-1994 resistance zone with hesitation
Stop Loss: 2000
Take Profit: First target 1972, second target 1958

BTC Long Positions
Entry: Gradually add longs on dips within the support zone of 68050-68150
Stop Loss: 67980
Take Profit: First target 69100, second target 69680

Short Positions
Entry: Short on rebounds near 69600-69700 resistance zone
Stop Loss: 69820
Take Profit: First target 68800, second target 68100

‼️Personal opinion: Currently, both major cryptocurrencies are in a low-level consolidation after declines. The overall trend remains weak. The consolidation is only a short-term pause. Prioritize high-altitude shorting and quick entry/exit for short-term longs at low levels. If key price levels of the range are broken with a solid candle, the consolidation structure is invalidated, and range trading should be immediately abandoned in favor of following the breakout direction.

Range breakouts (ETH breaks below 1955 / above 2000, BTC breaks below 68028 / above 69705). End of the range-bound high sell and low buy strategy. All above content is purely technical review for reference and does not constitute any investment advice. Market volatility risks are self-responsible, profits and losses are at your own risk. $ETH