May 26th Market Analysis from LBank Derivatives
BTC
Bitcoin (BTC) has been moving within a short-term declining channel, as confirmed by the daily charts. Its recent retest of the MA120 line has left the future direction unclear, although the odds of a bounce-back after this retest seem slightly higher.
From an investment perspective, it is advisable to follow the MA120 trend for long-term positions. In the short term, however, the expectation leans towards continued fluctuation and a potential further drop.
ETH
Ethereum (ETH), on the other hand, is currently experiencing narrow-range fluctuations and is in a short-term downward trend, as seen on the daily charts.
The MA120 line has been awkwardly retested, signifying a key position. For long-term operations, it might be worth considering buying on dips. For short-term operations, the market could continue to fluctuate.
Notable Altcoins
LTC
The trajectory for LTC currently shows relative weakness, with a less robust rebound. However, the current trend is still maintained as a range-bound upward.
As the halving event in August draws closer, the recommended action is to continue buying on major pullbacks.
XRP
Ripple (XRP) has been demonstrating a stronger rebound force than other established cryptocurrencies in recent days.
The market outlook continues to look positive for a rebound. In this context, it’s advised to focus on short-term long positions during intra-day pullbacks.
Overall, the market presents different strategies for different cryptocurrencies.
Long-term investors should focus on trend-following strategies such as the MA120, while short-term traders should consider the potential for continued fluctuation and dip buying opportunities. Remember to consider both technical and fundamental factors when making investment decisions.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
