June 5th Market Analysis from LBank Derivatives
Bitcoin’s daily chart shows no valid breakout as of yet. It continues to wobble under a bearish trend with trading opportunities on a large scale still absent.
The strategy for day traders would be to prioritize buying at low prices and securing profits in a timely manner. Expectations for profits in the current market should be moderated, reinforcing the importance of prompt profit-taking.
Similar to Bitcoin, Ethereum’s daily chart has not shown a significant upward movement either. Ethereum’s current trend seems marginally stronger than Bitcoin’s but is still fluctuating within a trading box.
The future market trend is unclear and is pending directional selection. The suggested trading strategy is to focus on buying at the lower end within the trading box, waiting for the box to break out for major market movements.
Notable Altcoins
Litecoin (LTC), on the other hand, currently faces resistance from a previous downward trend line. Despite its recent upward movement, Litecoin encountered a pullback today, possibly influenced by Bitcoin’s decline.
It has retraced to a previous platform position. Trading advice for Litecoin currently is to observe the market. Those who bought in last week could consider holding their positions.
LINA
Lina’s daily chart shows a significant decline following a high top formation in the daily chart, with a downward plunge surpassing 50%. Its current position is near 0.015, offering an expectation of an oversold rebound.
However, the overall future market is still bearish. The short-term trading strategy for Lina would be to play the oversold rebound, with continued bearish expectations for any future rebound.
In summary, the cryptocurrency market continues its trend of uncertainty with no clear sign of a breakout from any major digital currency. The current trading strategy seems to favor buying at lows and securing profits promptly across all currencies.
Traders and investors are advised to keep a close watch on market trends and adjust their strategies accordingly.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
