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The current trend of the pancake market presents a complex and crucial situation. The price continued to rise despite the divergence, and the daily chart successfully closed at a new high, indicating strong bullish power and overall continued to operate within the upward channel. It is not advisable to blindly bearish until the lower edge of the channel is effectively breached. However, there is significant pressure in the supply area ahead, with $108500 becoming a key threshold. Once breached, it is highly likely to break through historical highs.
From a monthly perspective, the Big Dipper has closed up for two consecutive months, with a strong dynamic bullish candlestick pattern, indicating the potential to reach higher levels next month. The pressure level of $114000 above the monthly line is worth paying close attention to. However, it should be noted that the 3-day line indicator has entered the overbought area, and the risk of short-term pullback has intensified. Despite the dominance of bulls, the market is not on a smooth path. Given the current market situation, caution and flexibility should be maintained in operations. Before the price breaks through the strong pressure of $108500, it is recommended that investors avoid blindly chasing long positions and guard against the risk of a pullback. In the morning session, focus on the pullback market, and radicals can lay out short positions around $107000 and wait for the price to rebound. If the price rebounds to the $105000 line and stabilizes, it may be appropriate to consider going long and looking towards a higher price. If the support level cannot be effectively stabilized, there are still key support points such as $104200 and $103000 below, and the position can be further adjusted according to the actual situation. If the price breaks through a new high in the future, we need to be vigilant about the formation of a double top pattern. Once the double top is established, the market may face significant downward pressure in the second half of the year. At this time, we should take profits and stop losses in a timely manner to avoid potential risks.
During the period leading up to the BTC summit, the overall market volatility was not significant. Despite the lack of key data, several Federal Reserve officials clearly expressed their intention not to adjust monetary policy in the short term in their speeches, suggesting that current interest rates may remain unchanged in June and even July.
In addition, the stablecoin bill and the "Beautiful Bill" have also sparked heated discussions, but they have not yet been implemented and there is uncertainty. In terms of BTC, the price once surged to $107300, just one step away from the historical high. Although there are few macro data, the focus of the market turns to the Sino US trade situation, the trend of the Russia Ukraine war and the possible sudden policy actions of Trump. From the on chain data, the short-term turnover rate has significantly increased, especially as investors who bought at the bottom over the weekend have reduced their holdings. Short term funds still dominate current trading.
Operation suggestion:
BTC 103500 long. First target: 105000. Second target: 106500
ETH 2430 long, first target to watch 2490, second target to watch 2580
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Disclaimer: The above content only represents the author's personal opinion and is for communication and sharing purposes only. It does not represent the position or viewpoint of AiCoin and does not constitute any investment advice. Based on this investment, there may be external contacts, which have nothing to do with AiCoin, and the consequences shall be borne by oneself.
