5.2 (Friday) BTC/ETH Market Update

Bitcoin reached a daily high of 97388 yesterday. Ethereum rebounded to a high of 1872. I took the day off for Labor Day yesterday, so I didn’t update much; I only shared a bullish view in one post, which most of my friends may have missed.

Currently, on the chart, Bitcoin's daily K-line has taken off with a big bullish candle, breaking through the recent resistance at 95500. The first wave reached around 96700 and began to retrace, dropping to 95700 before rebounding again. The second wave's highest point reached around 97400 before starting to retrace. As of now, the lowest point has retraced to around 96300 and is beginning to show a slight rebound. The upper, middle, and lower bands are all opening upward and rising, and the KDJ lines have converged to form a golden cross, with overbought signals still heading upward. Therefore, in this case, we do not guess the top.

Currently, on the hourly chart, there is a rise followed by a drop, and it is in a retracement phase. I’d like to share the support levels below for reference when considering long positions. The lower support levels to watch are 96100/95500/94800, building long positions around these points, with take-profit targets at 97500, 98500, and 99500.

Ethereum only reached a high of around 1870 yesterday. Although it broke the previous high of 1860, it did not stabilize completely, which counts as a false breakout. However, the lows for Ethereum are slowly rising, and there are still opportunities for low buys on retracements. The support levels for Ethereum to watch are 1823, 1800, and 1770 for low buys, with targets looking at 1857/1872/1888.

The above is just my personal opinion and does not represent correctness or guarantee profitability. Everyone must approach it rationally and avoid blindly diving in; risk management is paramount at all times!

​$BTC

#非农就业数据 Pay close attention to the non-farm payroll data to be released tonight at 20:30, and prepare for potential spikes.