Market Analysis for May 8

1. News

1. The rate meeting maintained the status quo, and Chairman Powell's remarks were vague without practical reference effects, leaving the market lukewarm.

2. Trump announced at 9 AM that he would reveal significant news tonight at 10 PM Beijing time, related to a mysterious major power (99% likely to be China, and the content pertains to a tariff agreement), claiming it to be the first agreement. As a result of this news, the main index rose from 97,000 to nearly 100,000, boosting market sentiment!

3. The current market is highly influenced by news, with various reports emerging and numerous celebrities speaking out. However, caution is warranted regarding the interest rate cut mentioned by the Federal Reserve.

2. Market Analysis

1. #BTC Current Quote: 98800. After a long absence, early trading has returned, and it feels like we are back in 2020-2022. Do you remember that catchphrase? The daily line has seen three consecutive gains, breaking new highs around 100,000. This wave of upward momentum is relatively fast, and the expected corrective adjustment has not occurred. The weekly MACD is about to change from the death cross in February, and prices have reached the high point of an oversold rebound at 110,000. The daily RSI indicator shows divergence, indicating overbought conditions; current resistance exists, and attention should be paid to how this will be digested. Once it breaks above, there shouldn't be significant resistance. During the day, the support at 97500 needs to be monitored; if it breaks down, a further decline is possible, but if it stabilizes, this wave could reach around 105000. Support at 97800, resistance at 99500.

2. #ETH Current Quote: 1900. As mentioned yesterday, the support for Ethereum is very close; it also bounced back to support after a dip last night, followed by a surge due to news. Personally, I believe it should not be overly bearish; if it stabilizes at 1950, the target would be around 2100. There was no movement after the upgrade yesterday, so whether there will be a catch-up later is also something to watch. Resistance at 1925, support at 1850.