Preface: Investment involves risks, please proceed with caution.
Article review takes time, and there may be delays in publication. The article is for reference only, thank you for reading!
Time of writing: 14:15, May 8th, Beijing time
Market Information
Data: The Hong Kong Bitcoin spot ETF held a total of 4256 BTC as of yesterday, with a decrease of 32 BTC from the previous day.
Grayscale GBTC increased its BTC holdings by over 50.32 BTC as of May 7th.
The price of Ethereum has lagged due to "weakening capital rotation," but the overall upward trend in the cryptocurrency market still exists.
Federal Reserve's Kashkari: It is expected that there will be no more than 2 interest rate cuts in the June economic forecast.
Reuters: The Australian Taxation Office has requested cryptocurrency exchanges to submit details of 1.2 million accounts' transactions.
Market Review
The recent low point of Bitcoin was at 56552, breaking the previous support near 60000 and rebounding after the decline. The highest point of the rebound was at 65500, followed by a decline with upper shadow, which is still continuing. Caution is advised in trading due to the risk. The previous low point of Ethereum was at 2817, and after reaching the previous low point, it did not continue to decline. It then rebounded following Bitcoin, with the highest rebound point at 3221, followed by a decline. The decline in Ethereum is also continuing, caution is advised in trading due to the risk.
Market Analysis
BTC:
On the daily chart, after the rebound to 73777, Bitcoin has been in a high-level box shock, with the 60000 support being tested several times but not effectively broken. However, the previous decline broke the 60000 support, with the lowest point at 56552. It then rebounded, reaching 65500 and then started to pull back with upper shadow. Currently, Bitcoin has formed a downtrend. 65500 is the pressure point for the rebound from 56552, and it started to decline after reaching the pressure. It is highly likely that the next low point will be near 52500. The current decline is still ongoing, and the short-term support range for Bitcoin is between 60000-58500. After reaching 58500, attention should be paid to the breakthrough of 56552. If the bearish trend continues, breaking through 56552, the next target will be near 52500. Short-term trading is recommended to be cautious, with the recommended entry point around 63400. The decline range is between 60000-58500, and the breakthrough of the low point should be observed after reaching this range.
ETH:
On the daily chart, Ethereum's previous decline touched the short-term low point and did not continue to decline. However, the overall trend of Ethereum is still leaning towards bearish, with the upper points continuously moving downwards, and the downtrend line has already formed. There is not much opportunity for a significant increase in the short term. There is a high chance of breaking the previous low point of 2817, and the next support level after the breakthrough will be near 2600. If the momentum is strong, it may even reach near 2490. Short-term trading is recommended to focus on short positions, with the recommended entry point around 3070. The short-term target is to first look at 2970-2900, and then observe the breakthrough of 2817. After the breakthrough, the next target is near 2600.
In summary:
Both Bitcoin and Ethereum are in a downtrend on the daily and short-term charts. Caution is advised in trading positions.
The article is time-sensitive, please be aware of the risks, the above is for personal reference only!
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