May 6th BTC and ETH Market Interpretation
As of today, BTC is priced at 94100, yesterday closed at 94450, and ETH closed at 1805. There has been little price fluctuation around the holidays, and market sentiment is relatively lukewarm.
From a daily perspective, BTC has reached the mid-level platform of February. Given the pressure from trapped chips and insufficient upward momentum, it is expected to enter a time-space correction phase, with short-term upward momentum lacking.
In contrast, ETH is at a lower price level, currently stabilizing above the 20-day moving average on the daily chart. The 5-week moving average has turned upwards for the first time after a long-term decline, showing signs of bottoming out. However, there are significant divergences in market sentiment, and this deadlock may continue, leading the community to reduce the frequency of spot recommendations recently.
On the 4-hour level for BTC, after two rounds of sideways movement from April 12th to 21st and from April 23rd to 30th, there was an increase. However, after the peak on May 2nd, most altcoins no longer followed suit. Low-priced coins that have not yet begun to rise will need to wait for the next upward cycle.
In terms of operational strategy, it is currently suitable only for short-term trading, and spot and long positions need to wait for clearer signals. Currently, the short-term/contract group has many profitable short positions at high levels. The short-term resistance level for BTC is at 95420 - 96210, with support at 92190 - 91280.
