Crypto News
May 8th Hot Topics:
1. Morgan Stanley delays the expected time for the first rate cut by the Federal Reserve to September.
2. Grayscale withdraws the 19b-4 application for Ethereum futures ETF.
3. Deutsche Bank will issue blockchain-based digital bonds.
4. CFTC Chairman: Cryptocurrencies face an inevitable wave of law enforcement actions.
5. Data: 168 asset management companies already hold BlackRock IBIT.
Trading Insights
Learn to observe and take a break. Blind trading not only increases the probability of investment errors, but also increases trading costs due to excessive frequency. Observing and resting can help us calmly analyze and judge the market trend. When lacking sufficient confidence in judging market trends, one should also observe and wait, understanding that market conditions change constantly. Be patient and wait for the right time to re-enter the market. As the saying goes: "It's better to miss an opportunity than to make a mistake." Opportunities are always present, and seizing them requires patiently waiting for a better moment.
Search for the public account: "Big White's Crypto Forum"
BTC
Analysis
Bitcoin reached a high of 64400 yesterday but was resisted, and a second attempt in the evening failed to break the previous high. Subsequently, the market fell continuously, dropping to near the support rebound of 62120. Currently, the price is running around 62750. The indicators on the four-hour chart show a bearish trend with a death cross, and the market is oscillating and falling, but the trading volume has not followed. Supported by the MA60 moving average, the candlestick has turned from negative to positive. In the short term, attention is on the strength of the rebound after the bearish trend stops. On the daily chart, the market is generally in a oscillating stage, with neither bullish nor bearish trends continuing. If the 60,000 support level is not broken, the upward movement is only a matter of time. The direction remains unchanged, with a focus on long positions at lower levels and short positions at higher levels. Resistance above is at 63200-64200, and support below is at 62000-61500.
ETH
Analysis
Ethereum showed a retracement after reaching a high and then falling back yesterday. It was resisted at the 3130 level and fell again, dropping to the support level of 2994. Currently, the price is running around 3027. On the four-hour chart, the 3000 level has not been effectively broken, and the market has turned from negative to positive for an upward rebound. The MACD is still bearish, but the trading volume is not significant. Coupled with strong support at the integer level, it is expected that the downward momentum will not be too great. On the upside, attention is on the 3050 pressure area. If it can break through and stabilize, it will definitely continue the bullish trend. Looking at the daily chart, the candlestick has fallen continuously back to near the MA120, oscillating up and down. There is a possibility of forming a bottom after multiple retracements without breaking new lows. Don't miss the opportunity when Ethereum's ETF is approved, as it will be difficult to get on board later. The strategy remains the same: buy on small dips and buy more on big dips. Resistance above is at 3050-3130, and support below is at 3000-2950.
Disclaimer: The above content is for personal reference only and does not constitute specific operational advice, nor does it bear legal responsibility. Market conditions change rapidly, and the article has a certain lag. If there is anything you don't understand, feel free to consult.
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