May 13 BTC/ETH Daytime Strategy Analysis:
A strong wind knocks down the sycamore tree, a shift in trend requires a change in thinking.
I had already warned everyone before the market changed yesterday that we should be cautious about sudden changes in the market after a short-term news boost. Sure enough, after Bitcoin broke the new high of 105800, it suddenly turned and sharply corrected to a low of 100680. The way the market behaves is quite unappealing; once the fuel runs out, it turns to liquidate positions.
Overall, the pullback is significant, but there is still potential for a rebound. Do not excessively chase highs and sell lows, as the expectation of interest rate cuts is still in play. Please avoid trading around the CPI data release at 8:30 PM. During the day, Bitcoin needs to pay attention to the 103050 level, which is the top of the four-hour rebound consolidation zone. As long as it can stabilize above this level on the hourly chart, there is still room for continuation. However, I personally lean towards the downward trend.
BTC: Range around 1028-1033, stop loss at 800, target new low below 1007 looking towards 980.
Ethereum needs to pay attention to the 2496 level. If it cannot stabilize and break through this level on the hourly chart, it indicates that the rebound lacks strength.
ETH: Range around 2490-2510, stop loss at 30 points, target 2420-2360.
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