5.29 Bitcoin and Ethereum Long and Short Market Analysis
BTC:
From the four-hour candlestick chart, Bitcoin reached the 100,000 mark after a surge at the beginning of May, followed by a sideways adjustment before breaking through the historical high of 110,000 again in mid-month. Currently, it is still in a fluctuation and adjustment range.
From midnight to the early morning, the movement was fluctuating in the range of 106,500-108,500, with the four-hour Bollinger Bands moving sideways, and the market testing back and forth within the range.
On the daily chart, the Bollinger Bands show slight contraction, but the overall upward trend remains unchanged. If there are no significant news events to drive the market, Bitcoin may continue to move in a consolidation pattern. The short-term resistance level is 111,000, and the support level is 106,000.
ETH:
Ethereum's trend is relatively clear, with strong upward momentum continuing. Although there have been short-term pullbacks, they are all within a normal range.
Since the beginning of May, Ethereum has moved upward in tandem with Bitcoin, consistently climbing in volume to 2,700, followed by a continuous fluctuation in the range of 2,300-2,750.
From the four-hour candlestick chart, we can see that at the beginning of the month, Ethereum moved in tandem with Bitcoin and climbed in volume to 2,550, followed by three waves of movement.
This morning, it broke through the upper strong resistance for the first time, reaching a high of 2,788. Currently, the four-hour Bollinger Bands show an opening upward trend, but on the daily chart, the Bollinger Bands are narrowing. After reaching the high, attention needs to be paid to the risk of a sell-off, as Ethereum's volatility is well-known; it can surge sharply and drop just as quickly.
Summary: The upward trend remains unchanged, but both Bitcoin and Ethereum's daily Bollinger Bands are contracting. The medium to long-term bullish direction remains at 113,000-115,000, but attention needs to be paid to short-term market pullbacks and fluctuations. Yu Mi suggests combining market trends and chart indicators for cautious operation.
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