- Zhou Yanling: Bitcoin and Ethereum's latest trend forecast analysis and operational strategies for May 7th
Yesterday's rapid fluctuations in the upward surge and subsequent decline probably left many people out in the cold. First, the oscillating surge gave the illusion of a potential imminent rise, but subsequent pullbacks led to stop-losses for those who followed suit. However, for those who dared to go long, the subsequent drop to 62700 was equally discouraging. In the face of such rapid declines, the market often becomes very conservative, and some may be hesitant to enter the market. It's even more awkward for those who tried to chase shorts after the subsequent drop below 63000, as the market is now likely to enter a period of oscillation.
From a technical perspective, after last week's deep V-shaped movement, Bitcoin has been under pressure below the moving average in the short term, showing signs of maintaining a weak corrective trend. The current price has retraced and is still below the 10-day moving average, indicating a continuation of the weak correction. Today, Yanling still sees a bearish trend. Looking at the chart, the first resistance level mentioned by Yanling yesterday at 65500 continues to exert pressure. As I mentioned, the drop started from this level yesterday, so today we still need to pay attention to the strength of this resistance level. Even if there is an intraday rebound, as long as it does not break through and stabilize here, it will still be a turning point for the short-term weak correction and a starting point for further downward pressure. To find out how much room this downward trend can continue today, the first short-term support level near 62500 is crucial. Once it breaks through this level again during the day, the short-term target of 61000 will be set in stone.
Bitcoin operational strategy for May 7th:
- Short at 64500-64100, stop loss at 400 points, target 63000-62600, continue to look for support near 61900
- Long at 61900-62200, stop loss at 400 points, target 62900-63200
[The above analysis and strategies are for reference only. Please bear the risks on your own. The publication of the article may have a lag in strategy and does not have timeliness. Please refer to Yanling's real-time strategy for specific operations.]
This article is exclusively authored 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 operations in the cryptocurrency contract/spot market, including BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, etc. With a solid theoretical foundation and practical experience, the author excels in combining technical and fundamental analysis, emphasizing capital management and risk control. The author's steady and decisive operational style, as well as their amiable and responsible character, have been widely recognized by the investment community. For more real-time investment strategies, trading techniques, operational skills, and candlestick knowledge, please follow the author (WeChat: Zhou Yanling).
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