Crypto Market Update – Technical Outlook & Trade Ideas (May 8, 2025)
1. Bitcoin (BTC)
Bias: Bullish (short-term)
Key Support Zones: $99,000 / $98,400 / $97,500
Resistance: $100,000
Entry: $98,800 – $99,200 (on minor pullback)
Target: $100,500 – $101,000
Stop Loss: Below $97,400
Notes: High volume and Coinbase premium suggest continued demand. Caution near weekend due to possible de-risking.
2. XRP
Bias: Bullish but at resistance
Key Resistance Zone: $2.26 – $2.28
Entry: $2.10 – $2.15 (on pullback to fair value gap)
Target: $2.26 – $2.30
Stop Loss: Below $2.00
Notes: Volume has stalled, but bullish confirmation may support breakout above resistance.
3. Bitcoin Cash (BCH)
Bias: Bullish breakout
Entry: $405 – $415 (after confirmation of support above previous resistance)
Target: $450 – $500
Stop Loss: Below $390
Notes: Strong breakout above high-timeframe resistance at $400 with significant volume.
4. Sonic (SONIC)
Bias: High-risk bullish
Entry: $0.050 – $0.052
Target: $0.055 – $0.060
Stop Loss: Below $0.047
Notes: Broke above $0.050 with strong volume. Riskier setup, but breakout could gain momentum.
Overall Outlook:
Despite slight bearish pressure from the S&P 500, Bitcoin and altcoins are showing resilience. Watch for weekend volatility and "sell-the-news" behavior around the US-UK trade deal. Stay nimble and adjust stops as needed.
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