The upward trend of Bitcoin on the daily chart has broken down, and after the price line broke through 0.618, it quickly fell back. Currently, the 4-hour chart still maintains the lower channel of the upward channel, which is very critical; a breakdown will accelerate the decline.
The three indices of the beautiful valley have all come below the previous M-top, facing significant pressure, so caution is needed here, with a low opening. Gold has rebounded well in the last two days after a twelve-day pullback, once again testing the lower track for a rebound.
Bitcoin
The daily chart shows a top divergence with MACD at the zero axis. On April 30, the prediction for Bitcoin's trend over the past week has been quite accurate, with a pullback focusing on several support levels: 92222 and 88000—89000 for opportunities.
The upward trend of Bitcoin on the daily chart has broken down, and after the price line broke through 0.618, it quickly fell back. Pay attention to the support of several moving averages on the daily chart. It is currently in the process of a downward wave 4, and we need to grasp whether there will be an opportunity for wave 5.
Support: 88000—89000—92222
Resistance: 98000—100000
Ethereum
The sideways fluctuation for 13 days has left people feeling confused, tasteless to eat and not regrettable to discard. The supplementary rally has not emerged. Here, pay attention to the continuous rise in the total market capitalization ratio of BTC D (Bitcoin Dominance), which briefly broke through 65%, reaching a new high since February 2021.
Many people like to say that when BTC D peaks, altcoins will immediately rebound, a narrative that has been repeated from last year to this year. The author leans more towards a bifurcation in altcoins, with the altcoin seasonal indicator 24 showing a good pullback, providing opportunities for oversold rebounds in quality altcoins.
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The article is time-sensitive and for reference only, updated in real-time.
Focusing on K-line technical research, sharing global investment opportunities. Public account: BTC Trading Prince Fusu
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