Hello everyone, I am Youning. Today is May 5th, the day of the start of summer. As early summer arrives, I wish everyone to let go of worries and relieve fatigue this summer 🥂. Without further ado, today we will analyze the market trends of Bitcoin and Ethereum #BTC走势分析
First of all, currently, the Bitcoin market has broken through 85000 and has moved to this position without a reasonable upward correction. Previously, due to the impact of Trump's tariffs, it had been in a range-bound adjustment for a long time. When the negative news quietly lands and gets digested, the result is the upward momentum. The 90000 position for Bitcoin is the dividing line between bull and bear markets, but when hitting this position, there was no resistance at all, continuously pushing up with reduced volume, creating a clear short squeeze. It was not until it reached around 97900 that it started a weak oscillation adjustment. So far, the medium-term trend has transformed from a rebound to a reversal. However, the market is just like people; when they eat too much, they need to pull back. When the market rises too much, it will also fall. Most of the previous short positions have already been completely digested. At this position, the daily chart has formed a strong top divergence pattern. Friends who don't have positions can start considering short positions! The strong support level for Bitcoin below is 93000, and there is a gap at 91800 that is likely to be revisited. In terms of the potential drop, Bitcoin's maximum decline can return to around 88500. This position offers a very good risk-reward ratio for shorting. The trend will eventually become perfect; we just need to wait patiently! $BTC
The trends of Ethereum and Bitcoin are quite similar, but in the recent small timeframe, Ethereum's trend is a bit strong, possibly related to the news of Ethereum's upgrade. However, news can only be a catalyst for the market, so just pay attention to the charts. When a trend arrives, any news can only serve as an auxiliary tool. During this rebound, everyone can consider building a head position for short positions. Our analysis yesterday indicated a five-wave decline, but the market is quite sensitive, with fluctuations happening in an instant. Hold onto your short positions; in the short term, Ethereum can be seen around 1710 $ETH