Overnight, due to multiple institutional public companies and large whales buying BTC in bulk, and the Governor of New Hampshire signing to approve the first strategic BTC reserve bill in the US, BTC rapidly recovered after a false break below the neck line, forming an engulfing pattern. It jumped from the 95k level to around 97k, a rise of 4.4%.
Today's core highlights:
1. Ethereum Pectra was upgraded today, and from the market trend, there hasn't been much reaction. In short, the upgrade content includes: no gas trading, increased staking limits, Rollup expansion, and more efficient contracts.
2. On May 8th at 2 AM, the Federal Reserve's interest rate decision is likely to keep rates unchanged. We'll see what Chairman Powell says at that time.
3. A large number of tokens will be resolved this week, be mindful of risks; MOVE will unlock 50 million tokens, LAYER will unlock 27.02 million tokens, APT will unlock 11.31 million tokens, and KAS will unlock 144 million tokens.
4. BN's 69th LP project STX has launched.
5. BN will support the STPT token swap and brand upgrade to AWE, please note.
6. Doodles will airdrop DOOD to eligible community users.
7. The on-chain activities have been bustling these days, with ZEREBRO's DEV FEFFY being the most active. This guy seems to be choosing to offload by faking death, having sold over 1.3 million dollars of ZEREBRO, while the meme it's issuing, LLjeffy, has also shown a tombstone-like trend, peaking at around 31M FDV and currently dropping to around 8M.
Can Bitcoin continue to rise? Where are the resistance and support levels?
Bitcoin is currently in a dilemma, with both bulls and bears fiercely battling around 97,000 USD. It can be viewed from two perspectives.
1. Technical indicators show that Bitcoin's adjustment is not over; the RSI is not oversold. If the daily line hits 97,800-98,000 USD while the RSI does not create a new high, a top divergence may occur. However, the weekly MACD will golden cross, indicating future significant increases. 93,700 USD or 91,000 USD may serve as support, while panic selling at extreme support levels could signify the end of the adjustment.
2. Bitcoin's dominance index has reached a new high, indicating an increase in market influence. If Bitcoin rises independently while altcoins do not follow, it may be due to large holders bottoming out. Before breaking through 98,000 USD, it may retrace to 91,000 USD, and altcoins may slightly follow the decline.
The trading strategy is to buy low: pay attention to the 95,700 USD resistance level, with a buy point on the pullback at 95,700 USD and a stop loss at 95,100 or 91,000 USD. Keep an eye on whether the RSI forms a top divergence when it approaches 98,000 USD, the situation of altcoins catching up, and the performance of the 95,700 USD resistance level.
Regarding altcoins:
Today's market rose by 1726, fell by 2308, with a rise of 43%. The top three sectors with the highest increase are Public Services +52.8%, Base Meme Coin +19%, Fan Tokens +6.7%, and the median is 26%.
Overall, the prices of altcoins have risen from the bottom, but most are performing weakly, showing a W-shaped trend. The fan token sector has been continuously rising, with BN violently rising over 50% after launching ASR and ALPINE contracts, showing a preference for small market caps. Pay attention to coins like ACM, JUV, and OG to see if they can pull off contract openings.
Some Alpha strategies are pushing project parties to stabilize price trading volume after the initial airdrop, with high-multipliers like AIOT emerging as a focus. Here's a simplified guide on Alpha strategies: such as FHE, AIOT, HAEDAL, and initial coins for pumping; don’t chase high in spot trading, and must run from Upbit!
Gorilla
The gorilla has reached another peak with over ten times! Shared immediately with the group as soon as the internal market started, and the brothers who got in made a huge profit again!
Binance's official account once again responded to the gorilla, saying they want to invite the gorilla for coffee. With a low market cap, it is also suitable for construction, and Binance supports it. Previously associated with the top CEX Binance narrative IP. Gorilla is the only IP that Elon Musk has replied to. After Gorilla went online, it surged over 300% within 12 hours, likely surpassing the donkey.
Finally, I will analyze a few coins for the fans:
DOGE
The moving averages of DOGE are beginning to intertwine, and the short-term situation is becoming unclear, belonging to a fluctuating adjustment trend. It is recommended to hold above 0.15.
SUI
It is a strong token, with a high price correction, showing short-term top signals. Be cautious of the downside risk. The upper level of 3.5U is a critical resistance line; if it breaks, a new high can be expected, otherwise, a short-term top will be seen. The daily level shows a high-level dead cross, requiring time to digest. The 4-hour level shows price weakness, possibly a short-term pullback. A rebound has occurred, and the current position is advisable to observe, waiting for new opportunities.
RENDER
If you want to do spot trading, currently see if the 4.07 area can hold, forming a daily K structure for sustained upward movement. Simply put, a daily K closing up is needed as an entry signal.
COW
Cow is quoted at 0.28u, fluctuating for more than half a month. After a high wedge, it has fallen for five consecutive days, touching the lower edge to stop the decline and rebound. The support is strong, and after the selling pressure is digested, it rebounds rapidly. The MACD shows a low-level golden cross, with strong short-term momentum. Pay attention to the 0.29u resistance line; if it breaks, look at the upper edge of 0.32u, and the market will improve, opening up space.
