- Zhou Yanling: Bitcoin and Ethereum's latest trend forecast analysis and operational strategies for May 2nd
Bitcoin has dropped to around 56500 after the recent lowest point, and after two consecutive days of large declines and washing out, there is currently no new round of declines. However, this is just the beginning, and there is still some time left in the holiday. If the price continues to decline during this period, for example, if it drops by more than 6000 points, then a large number of long positions will be cut. Let's not talk about how many people will lose money for now. Those who take over will either be businessmen related to Bitcoin business or novices who think they can bottom fish after seeing the market crash. However, after the holiday, Yanling believes that there will be a large number of investors who were previously afraid to enter the market at high levels, preparing themselves mentally to take over. Of course, retail investors have very limited ability to drive market prices. The bears don't need to worry. Yanling is just describing the current trading environment in the currency circle. As for the development of the market, the current trend is gradually becoming stable, and a collapse is not likely, after all, the speed of the decline is still orderly.
Let's take a look at the technical analysis of the overall trend direction. After consecutive large bearish trends, Bitcoin's daily level is currently showing weak rebound consolidation, continuing the weak correction, which is a common technical pattern. Generally, after a large bearish trend, it will continue on the second day, at least a new low will appear, that is, yesterday's break of 59000, and today's rebound still indicates a continued bearish trend. At the same time, we should also expect a large rebound. The resistance of the 5-day moving average at 59500 is not a good level to touch. If it does, it means that it is not extremely weak, and it is very easy to fall into a range-bound oscillation. Therefore, to continue the suppression, it will basically fall directly below 59500. So, where can this weak correction continue to? 55600 is a key level to focus on. When it first touches this level, it may be considered a stable point for a bullish view, because the decline is only a correction, and after the correction ends, it will still return to a bullish trend. On the 4-hour level, the continuous bearish trend is very weak, still under pressure from the 5-day moving average, the rebound is weak, and there is potential for further downward movement. Pay attention to the support and stability above the 55600 moving average, and the previous low has become a double bottom position, which is worth paying attention to around 59500/59000 as mentioned earlier.
May 2nd Bitcoin operational strategy:
- Short at 58700-58300, stop loss at 400 points, target 57400-57000-56600, if it breaks 56500, look at around 55600
- Long at 56600-57000, stop loss at 400 points, target 58000-58500
[The above analysis and strategies are for reference only. Please bear the risks on your own. The article's review and release may have delayed strategies and lack timeliness. Specific operations should be based on Yanling's real-time strategies.]
This article is exclusively authored and shared by senior analyst Zhou Yanling (WeChat: Zhou Yanling). The author has been engaged in financial market investment research for more than ten years, mainly analyzing and guiding BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV and other currency circle contract/spot operations, with solid theoretical foundation and practical experience. Proficient in technical and fundamental analysis, emphasizing capital management and risk control, with a steady and decisive operational style. Recognized by a large number of investment friends for being easygoing and responsible, as well as decisive operations. If you need to know more about real-time investment strategies, trading techniques, operational skills, and candlestick knowledge, you can follow the teacher (WeChat: Zhou Yanling).
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