May 10 Cryptocurrency Market Analysis by Mr. Coin: Bitcoin (BTC) Market Analysis Reference

The market continues to consolidate at a high level during the day, with the current price returning to the area above 103,000. It has repeatedly tested upward, facing resistance and retracing around 104,000. The market has once again entered a high-level consolidation, with both bulls and bears locked in a stalemate. Going forward, key attention should be paid to the stability of a breakout above 104,000. If the market can break through and stabilize again, the upper space will be further opened up, and the price is expected to continue upward. If it breaks, one might consider lightly entering long positions. Conversely, it will continue to consolidate, with a possibility of retracement support in the future.

From the daily chart perspective, the Bollinger Bands are still open upwards, with the market operating in the upper band area. The daily MACD continues to rise, with both the fast and slow lines in positive territory, and the MACD histogram gradually widening. RSI: The daily RSI is around 75, in the overbought zone, but no obvious divergence has emerged. EMA: The price is currently above EMA7, EMA30, and EMA120, with moving averages in a bullish arrangement. Short-term upward movements have faced repeated resistance and retracements, with upward momentum beginning to weaken. However, the market trend is showing a fluctuating upward movement, and the current coin price is maintaining a high level of correction. It is advisable for everyone to wait for a breakout or a retracement before entering. Recently, Bitcoin has shown significant intraday volatility. Mr. Coin suggests that all friends in the crypto space control risks reasonably and manage stop-loss and take-profit levels well. In terms of operations, it is recommended to focus on long positions during retracements and short positions at high levels.

May 10 Bitcoin Short-Term Reference:

Light short positions at 104,300-105,300, with a stop-loss at 104,500. Target: below 102,000.

Long positions at 102,000-101,000, stop-loss at 500, support at 99,500, target above 102,500.

May 10 Ethereum Short-Term Reference:

Short positions: 2,490-2,445, with a stop-loss at 2,570. Target: below 2,390.

Long positions: 1,340-1,300, stop-loss at 30 points, target above 2,400.

There is a delay in sending the article, and strategy suggestions are for reference only. Market conditions change rapidly; regardless of how accurate one’s market judgment may be, it is essential to manage take-profit and stop-loss levels. Cashing out is peace of mind.