5.8 Thursday Evening Bitcoin and Ethereum Market Analysis and Trading Suggestions

After the market price retraced to the 98680 line in the afternoon, the bullish forces regrouped and launched an offensive. During the session, it briefly broke through the 99863 line, forming a new intraday high. Ethereum continued its strong performance, simultaneously attacking the 1968 high, just as Xiao Ge predicted in the afternoon analysis, the market moved as expected into a bullish trend. Xiao Ge keenly grasped the retracement pattern and decisively placed a long order at 98750, reaching up to the 99800 line to take profits, capturing a space of 1050 points.

From the market analysis, the 4-hour level shows a strong breakthrough of four consecutive bullish candles at recent highs, indicating that bullish momentum dominates the market. This rapid increase has pushed the market into an overbought state, with various indicators severely overbought. Key attention should be paid to resistance in the 99500 - 100000 range; if it cannot break through, a deep correction may occur. At the 1-hour level, the current Bitcoin price is close to the upper boundary, indicating a short-term strong zone. However, the area near 100500 constitutes a clear resistance. If the price cannot effectively break through this upper resistance, it may retrace to seek support at the middle boundary, with the middle support level at 98000. With unemployment claims news coming in the evening, it is advisable to remain cautious; currently, this position is indeed quite dangerous, and the evening still maintains a mindset of buying on dips.

Bitcoin: Buy around 99000-99300, short-term target 100500

Ethereum: Buy around 1940, first focus on 2000, if broken, look at 2040