Good morning everyone, I am your old friend Jiang Sheng. Regarding the recent market trends, those who understand should be clear that recently there has been speculation on both sides regarding the future direction. The recent consolidation has come to an end quickly.
The overall volatility yesterday was not large, with Bitcoin trading in a narrow range of 93500-95000 during the day. Compared to the rebound strength of gold, Bitcoin and Ethereum did not show corresponding strength, which is already quite indicative. Currently, Bitcoin and Ethereum are still within the entry range around 94200 discussed yesterday, and the operational filtering has not provided a second opportunity for additional positions. This clearly indicates that current buying pressure is weak, and the bulls are struggling for survival. We can see signs of a turn in the four-hour and daily charts, and if the 93200 level is broken, there will be another sell-off, possibly reaching between 91200-91600, which may test the bottom.
Yesterday, the daily chart failed to recover the 95500 level, and in the morning, there were two instances of bearish pressure. In terms of the trend towards the end of April, the rise at the beginning of May did not open up expectations for the future, but was purely a heightening for selling. Therefore, the speed of entering short positions is fast, and there is currently no structure for building momentum, only the struggle of the bulls. Jiang Sheng has already entered short positions, and we just need to wait patiently.
There will definitely be a significant drop at the beginning of May, so just wait. Currently, short Bitcoin around 94500 directly, with the target first looking at the break of 93200, then 91600. For Ethereum, look down to 1735, and if broken, continue to watch the start at 16. The strategy remains unchanged; the consolidation process is simply repeated shorts. Just maintain a one-way short position.
The overall volatility yesterday was not large, with Bitcoin trading in a narrow range of 93500-95000 during the day. Compared to the rebound strength of gold, Bitcoin and Ethereum did not show corresponding strength, which is already quite indicative. Currently, Bitcoin and Ethereum are still within the entry range around 94200 discussed yesterday, and the operational filtering has not provided a second opportunity for additional positions. This clearly indicates that current buying pressure is weak, and the bulls are struggling for survival. We can see signs of a turn in the four-hour and daily charts, and if the 93200 level is broken, there will be another sell-off, possibly reaching between 91200-91600, which may test the bottom.
Yesterday, the daily chart failed to recover the 95500 level, and in the morning, there were two instances of bearish pressure. In terms of the trend towards the end of April, the rise at the beginning of May did not open up expectations for the future, but was purely a heightening for selling. Therefore, the speed of entering short positions is fast, and there is currently no structure for building momentum, only the struggle of the bulls. Jiang Sheng has already entered short positions, and we just need to wait patiently.
There will definitely be a significant drop at the beginning of May, so just wait. Currently, short Bitcoin around 94500 directly, with the target first looking at the break of 93200, then 91600. For Ethereum, look down to 1735, and if broken, continue to watch the start at 16. The strategy remains unchanged; the consolidation process is simply repeated shorts. Just maintain a one-way short position.
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BTC
96,975.01
+2.91%
ETH
1,822.59
+3.25%