HOW MUCH IS BITCOIN NOW?

Greetings, colleagues!

#BTC

Last week was quite active on the economic calendar, and Bitcoin has once again reached new local highs, hitting $98K. At the moment, the price has returned to local ascending support at the level of $93,700.

According to my expectations, I still lean towards a near-term price drop, with a break of the current trend line and a retest of the $89-91K zone (uncovered imbalance), which also coincides with the 200DMA on the 6H chart. Since this zone was broken on high volumes on April 22, I expect to see defense and buyer activity from it, as well as a continuation of the final growth phase towards the historical high I mentioned in the previous review. In short, a conservative long position for me would be in the range of $89-91K.

#ETH

Ethereum, for now, also remains in the range of $1730-1860 and seems to be pressing against the upper boundary. As long as Bitcoin's dominance #BTC.D does not fall below the current support, there is no point in expecting Ethereum to grow and exit the local corridor.

It is encouraging that Ethereum, despite high dominance and Bitcoin's price correction, is not responding much and remains in a narrow range. In the near future, we might see another bounce from the lower boundary of this range, where there is also ascending local support on the 6H chart, followed by an exit from the corridor and active growth.

This week, there are few economic reports, but on Wednesday, May 7, there will be a significant event expected to generate high volatility at 21:00 MSK - the Fed's decision on the interest rate followed by Powell's press conference. During these days, especially for novice scalpers, it is important to exercise maximum caution in trading. Stay vigilant and do not go crazy in the order books.

Wishing everyone profit and patience!