5.9 Bitcoin and Ethereum Summary

With the rapid advance of the army yesterday, Bitcoin returned above 100,000, and Ethereum also broke through the high of 2,000, subsequently continuing to rise.

Today, starting from early morning, the market has continued the upward momentum from yesterday, with Bitcoin peaking around 104,359, stopping at the round number resistance of 105,000. Overall, the white board is relatively sideways and fluctuating, with the Bollinger Bands narrowing indicating that the market is buffering the rapid rise from yesterday. The price is operating in the range of 102,000-105,000.

On the Ethereum side, after a period of sideways adjustment in the morning, the afternoon saw another upward push of nearly 300, with a strong upward trend, peaking close to the resistance level of 2,500, and starting to adjust again in the evening along with Bitcoin.

Yumi mentioned earlier on Monday that this week we mainly focus on the market trends of Thursday and Friday. After a strong surge on Thursday, the market began to stabilize and correct on Friday, and there has been no significant fluctuation in the evening market.

Yumi has been continuously retracting the Silk Road operations on Thursday and Friday, with the army continuing to soar. Bitcoin closed at 9,874, and Ethereum at 733. After Bitcoin broke through 100,000, enthusiasm among everyone has noticeably increased. Yumi often works late into the night, guiding everyone to monitor the market, and fortunately, the final results are satisfying and reassuring. Thanks to the old friends who have accompanied and supported us since last year, and thanks to the new partners for their trust and joining, making our big family even better.

The weekend has arrived, and Yumi mentioned in the evening Silk Road that if the army cannot effectively rise tonight, then the weekend may follow a fluctuating route. Currently, from the hourly chart, the MACD is at a horizontal level, and the moving averages are dipping, indicating signs of a short-term pullback. The Bollinger Bands are gradually narrowing, and the army is temporarily quiet. On Saturday morning, we will see if the news from the early Federal Reserve group meeting can once again drive market fluctuations. Personally, Yumi believes the market is expected to continue fluctuating in the early morning.

Yumi suggests short-term high selling and low buying operations in the early morning.

The upper resistance level is still seen at 105,000/2,500. Before the market effectively breaks through this resistance, it may become a short-term top. The lower support levels are 101,500/2,200.