Evening Trend Trading Strategy for 5/7

Everyone needs to pay more attention! Federal Reserve meeting, there may be significant volatility tonight!!

Driven by positive news, Bitcoin rebounded to the previous high in the Asian session before encountering resistance. There hasn't been significant selling pressure from short positions during the day, and bulls are dominant in the market. In the short term, 95000 - 95500 serves as the dividing line for strength and weakness. If it stays above this level, the bullish trend will continue. Tonight, attention should be paid to the resistance levels at 97500 - 98000. If it stabilizes above, it may initiate a five-wave upward structure. The key focus tonight is on Powell's speech to see if he will give a clear signal regarding a rate cut in June. If he continues to make hawkish statements, even if the market falls and breaks the support at 95000 - 95500, there is no need for concern. In the larger structure, 92000 and 88000 - 87000 are both key supports. Even after negative news is digested, it will continue to aim for the 100,000 target.

Ethereum has been in a short-term consolidation for 15 days. Tonight, based on Powell's speech, it may make a directional decision. Pay attention to the intraday support at 1760 - 1790 tonight. If it can maintain above, the trend remains strong, and there is a high probability of breaking 1850 to strengthen further. In the overall larger structure, the dividing line between bulls and bears is 1700 - 1730, with upward targets at 1900 - 1920. After breaking through, one can look for 2000 - 2100.