May 8 Analysis

BTC

Despite the Federal Reserve maintaining interest rates, the market expected no rate cuts, and BTC did not decline as a result. The short- to medium-term trend is a bullish upward trend, and it is within expectations that Bitcoin has broken short-term new highs, currently reaching around 98,700. However, it is important to note that it cannot yet be determined if BTC has officially started the fifth wave of upward movement in the short to medium term. The recent volatility pattern is tilted upwards; often after a new high, BTC easily forms short-term high pressure. This is the third phase of short-term new highs. Attention should be given to the resistance level around [99,000-100,000]; only if a strong bullish candle appears can it be considered a formal breakthrough. Today, before a strong bullish candle appears, it is only suitable to hold previous low-position long positions, and not appropriate to open new positions. Additionally, the short-term technical analysis shows overbought conditions, and even if there is a strong surge and breakthrough, there will be a chance for a pullback. The intraday support is [97,600]; if this support is broken, it indicates that this breakthrough has failed.

ETH

Ethereum's movement is not as strong as BTC; its volatility pattern is a rectangular range oscillation, with the range between [1,730-1,870]. It is currently still operating within this range, echoing Bitcoin's upward oscillation structure, meaning it is still within the oscillation range. There has not been a real strong bullish candle breaking out yet; as it approaches the upper boundary of the range, excessively going long does not provide good value. It is still suitable to reduce positions on low long positions and hold, with intraday support at [1,820].