Analysis on the afternoon of May 5

From a technical perspective, the daily chart shows two consecutive bearish candles. The morning close produced a long upper shadow and a relatively long body for the bearish candle. The Bollinger Bands are severely constricted, and the price has broken below the MA5 and MA10.

The KDJ has formed a death cross and is diverging downwards, while the MACD dual lines show signs of forming a death cross as they curve downwards. Trading volume is gradually increasing, and the daily outlook remains unchanged!

In the spot ETF market, funds continued to flow in significantly last week, which is one reason for the limited decline in prices. Additionally, the non-farm payrolls exceeded expectations, pushing the price to break a nearly ten-week high. However, the Federal Reserve is resolutely not lowering interest rates, and aside from non-farm payrolls, other data remains unsatisfactory. Therefore, it is still recommended to primarily focus on short positions at high levels!

The upper resistance levels are 96500, 97400, 98000, and 99500, while the lower support levels to watch for are the battle points between bulls and bears at 93900, 92700, and 91600.

Analysis:

Bitcoin: Enter short at 96300-97000 with a target of 95000-93900; if broken, watch for 93500-92700.

Ethereum: Enter short on a rebound at 1830-1850 with a target of 1800-1750; if broken, watch for 1730-1700.