Current Trend Analysis:
This May Day holiday, you guys pulled the market quite strongly! The short-term high reached around 98,000, but faced resistance and declined. Currently, the price has pulled back to around 93,800, and from a smaller timeframe perspective, there are still no signs of a bottoming out. Keep an eye out for signs of a bottom!
In the past couple of days, the entire market has been shrouded in a downward trend, and those who haven't reduced their positions are worried about further pullbacks. Those looking to add positions are afraid of buying in the middle of a decline. Bitcoin and Ethereum have been oscillating at high levels for a whole week. I hope you can stay calm before a new trend emerges and buy cheaper chips.
The position around 94,500 for Bitcoin has become resistance, suppressing its recovery. The support level has moved down to around 91,800, showing a trend of oscillating downward, with no signs of turning upward yet. Before a strong rebound, it is highly probable that there will be another wave of accelerated volume selling, as the saying goes, 'no breaking, no standing' applies here.
Ethereum is once again facing a test at the 1,800 mark. Similar to Bitcoin, the area around 1,810 has become a resistance point, restraining its rebound. The support below is around 1,740, showing a trend of oscillating pullback. The 1,740 support is particularly critical, determining whether the overall altcoins can continue to remain bullish. Currently, it is still in a pullback trend.
This Thursday at 2 AM, the Federal Reserve will announce the latest interest rates. Trump has repeatedly called for a rate cut, while more voices suggest maintaining the current rates. This data will directly affect the short-term market trends and may also serve as a turning point. Everyone should be mentally prepared.
