May 29th Market Analysis from LBank Derivatives
After several days of turbulent oscillations, the Bitcoin (BTC) market is witnessing a resurgence. Over the past two days, BTC’s market performance has centered around the 120-day Moving Average (MA120), steering clear from its previous fluctuation phase.
Currently trading above the $28,000 mark, Bitcoin seems to have recovered from the last month’s volatile behavior. However, the intraday dynamics have been slightly affected by previous resistance levels, leading to minor retracements.
This, nevertheless, forms a part of a healthy bullish trend. For those who bought in around the MA120 last week, it’s recommended to hold and stay bullish. For others considering entry, it may be wise to wait for a potential intraday retracement before shorting. It’s important to be mindful of any short-term pullbacks.
Ethereum (ETH) also paints a similar bullish picture. It’s trending upwards along the MA120 line, and the last two days’ surge has successfully broken through the descending resistance line.
Presently valued around $1,900, it’s likely that Ethereum will continue its oscillating upward trend. Investors who entered at the MA120 last week are encouraged to maintain their bullish position.
If you’re looking to enter the market, consider shorting after a potential intraday retracement. As always, remember to lock in profits timely.
Notable Altcoins
Litecoin (LTC) finds itself once again above the $90 threshold, comfortably standing over the MA120. Despite facing substantial sell-off pressure at its previous resistance level, leading to intraday high retracements, the current scenario suggests a short-term oscillation and recovery phase.
Moving forward, an upward trend appears probable. Investors are recommended to go long on dips.
Finally, Conflux (CFX) shows a different narrative as it approaches the conclusion of the beneficial policy announcement from Hong Kong. Currently, the candlestick chart shows a retracement at the MA120, yet the overall momentum seems weaker compared to the previous phase.
The presence of an overhead resistance level suggests that chances of breaking new highs might be slim. At this juncture, investors may want to wait and watch. Until there is a significant breakthrough volume, it’s recommended to consider shorting on highs.
In conclusion, the market seems to be rebounding with BTC, ETH, and LTC showing promising bullish signs. However, investors need to be cautious with CFX as the potential for new highs is not as strong.
As always, prudent investment strategies and vigilant monitoring of market dynamics remain key to successful cryptocurrency trading.
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