Evening Thoughts on May 7:
Everyone can pay attention to the Federal Reserve's interest rate decision in the early morning, and it is advised to avoid rashly entering the market. I believe everyone has seen yesterday's strategy, which perfectly reached the target levels. Looking back at today's market, there was a breakthrough surge in the early session. The price touched a high during the day, testing the 977 resistance zone again, followed by a slight pullback, dipping to around 961. However, this level formed effective support, prompting a rebound, and the price is currently stable in the 970 area.
From the technical pattern observed in the chart, Bitcoin's daily line shows a doji candlestick pattern, with significantly elongated upper and lower shadows, clearly indicating that both bulls and bears are still in a fierce contest, and the market direction is not yet clear.
The daily level for Bitcoin is exhibiting a continuous upward closing trend, with the latest closing price around 96800. The Bollinger Bands are still converging upwards, indicating that the market's volatility range is gradually narrowing. The MACD indicator's dual lines are maintaining a flat operation, with the bearish momentum bars nearly disappearing, suggesting that the bearish force is significantly weakening; the KDJ indicator's three lines have begun to turn upwards and diverge, releasing a signal of enhanced short-term bullish strength.
In the 4-hour level chart, the Bollinger Bands are opening downwards, indicating that there is still short-term downward inertia in the market. However, the MACD indicator's dual lines have turned upwards, and the bullish momentum bars continue to expand, indicating that bullish strength is accumulating; the KDJ indicator's three lines are also diverging upwards, further confirming that the short-term bulls are in a dominant position, and there may be a rebound repair demand in the short term.
Bitcoin: Short around 97000-97500, target 96000-95000, stop loss at 98500;
Altcoin: Short around 1830-1850, target 1780-1750, stop loss at 1880;
