"BTC, ETH Analysis: Market Trends and Countermeasures on 2024.05.05"
Bitcoin
1. Bitcoin ETF witnessed unprecedented capital inflows, with a net inflow of about $378 million on Friday, marking a reversal of Grayscale's capital outflows.
2. Technical analysis shows bullish signals, and the daily RSI has broken through the descending resistance line, which may start a new bullish phase.
3. Price trend and resistance level: Bitcoin price is trying to break through the descending wedge pattern, with a possible target range of $72,000 to $74,000.
4. DXY pullback is a bullish signal for Bitcoin, and short-term trading strategies involve expanding long positions and taking profits when prices approach major resistance levels.
5. Liquidity and funding rates indicate a high probability of squeeze, which may drive prices up.
Ethereum
1. Ethereum prices continue to rebound and are in the middle of the descending wedge, with support at about 2.9k and resistance at about 3.3k.
2. Technical analysis suggests potential price targets around 4,000 to 4.1k, but a breakout has not been confirmed.
3. The short-term rebound comes from the oversold region of the 8-hour RSI, and price analysis is essentially the same as it said yesterday in the short term.
Key Takeaways
1. Bitcoin ETFs have witnessed unprecedented inflows, suggesting that sentiment may be reversing.
2. Technical analysis suggests bullish signals, including a daily RSI breakout above a descending resistance line.
3. Bitcoin price is attempting to break out of a descending wedge pattern, with possible targets ranging from $72,000 to $74,000.
4. Ethereum price continues to rebound, in the middle of a descending wedge, with potential price targets around 4,000 to 4.1k.
5. Short-term trading strategies involve scaling long positions and taking profits as prices approach major resistance levels.
6. Liquidity and funding rates suggest a high probability of a squeeze, which could drive prices higher.
