Crypto News
May 9th Hot Topics:
1. Trump: Will stop the US hostility towards cryptocurrencies and embrace them
2. Transfer of SOL worth $15.65 billion occurred
3. US House of Representatives passes resolution to overturn SEC's cryptocurrency accounting standards announcement
4. Grayscale CEO: The company will focus on spot Ethereum products
5. A whale who was long on ETH once again withdrew 6,030 ETH from Binance
Trading Insights
Trade when in a relaxed and good state of mind, and avoid operating when emotions are out of control
Long-term profitability is the result of more wins than losses. Acknowledge and accept failed trades, and avoid blindly holding positions
Do not participate in trading during intense market crashes and sudden rallies with a heated mind. Acting without a strategy or plan is like walking into a trap
For trades with a small risk-reward ratio, maintain a light position; for trades with a large risk-reward ratio, confidently hold a heavy position, and consider using low leverage
Set stop-loss and take-profit for every trade. Even if unable to determine through analysis, set them based on psychological expectations
Search for the public account: "Big White Coin Forum"
BTC
Analysis
Bitcoin failed to hold the 62,000 support level yesterday, leading to consecutive downward movements. The price dropped to around 60,880 before rebounding. Currently, the price is hovering around 61,640. On the four-hour chart, the price has been declining, with the MA7 extending downwards and the MACD running bearishly with a death cross. Although there was a short-term rebound, the strength of the rebound is limited. The overall trend remains weak. From the signals on the daily chart, there is still a demand for further downward movement. Attention should be paid to the 60,000 support level for a possible retest. Opportunities to buy in batches may arise. Currently, the overall trend is oscillating within a range. For the long term, continue to hold positions, while for the short term, consider high short and low long operations. Resistance above is at 62,000-63,200, and support below is at 61,000-60,000.
ETH
Analysis
Ethereum failed to stay above 3,030 yesterday and fell again in the evening. The price dropped to the support level around 2,937 before rebounding. Currently, the price is hovering around 3,005. On the four-hour chart, the candlestick closing below indicates a short-term halt in the downward trend. The MACD shows a bearish convergence with decreasing volume and a sign of a golden cross. The price has returned above 3,000, indicating strong support from the bulls and that the price is unlikely to drop significantly. The current trend points to an upward rebound. Pay attention to the short-term resistance zone of 3,030-3,050. If the daily chart can close with a solid bullish candle, then this round of retracement will end, and the next move will be an upward rally. The likelihood of breaking new lows is small, and the trend is still mainly oscillating within a range. However, the long-term outlook for an upward trend remains positive. Buying on dips is a safe bet. Resistance above is at 3,050-3,130, and support below is at 2,980-2,950.
Disclaimer: The above content is for reference only and does not constitute specific trading advice, nor does it bear legal responsibility. Market conditions change rapidly, and the article has a certain lag. If there are any areas that are not understood, feel free to consult.
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