May 1 BTC/ETH Daytime Analysis:
Happy Labor Day, friends!
Last night's drop in U.S. stocks also led to a decline in Bitcoin, which briefly dipped to the 928 line, making one think it might end the prolonged sideways trend. However, it quickly rebounded back to around 940, indicating that this pattern has not been broken. If it can decisively break and stabilize above the crucial support level of 928, the market may continue to dip to 913 or even 8. Currently, it still appears to be a sideways situation.
In a volatile market, one shouldn't feel compelled to trade excessively; just enter when the position is right. Personally, I recommend buying around 932-937, and selling around 950-955, with a stop loss of 500 points. As for profit-taking, don't be too ambitious.
Ethereum's pullback just reached the 1750-1720 range, with a moderate rebound. A short-term swing trade during the day should suffice, buying around 1750-1770 and selling around 1820-1840, with a stop loss of 25 points.
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