Preface: Investment involves risks, please proceed with caution.
Article review takes time, there may be delays in publication. The article is for reference only, welcome to read!
Time of writing: 13:04, May 9th, Beijing time
Market Information
- Trump announced acceptance of cryptocurrency donations for presidential campaign in the form of cryptocurrency;
- Bloomberg: Musk's xAI is expected to complete financing this week with a valuation of $18 billion;
- Grayscale CEO: The company will focus on spot Ethereum products;
- Fed's Collins: The market has already priced in the Fed's balance sheet actions;
- Key Bitcoin indicators indicate that the cryptocurrency market is currently in a period of calm.
Market Review
Yesterday, it was suggested that the market would continue to decline. Both Bitcoin and Ethereum saw declines in the evening. The lowest point for Bitcoin was at 60888, just a little away from the retracement range of 60000-58500. There is still a chance for Bitcoin to decline during the day. The lowest point for Ethereum was at 2936, reaching the decline range. Those with short positions can observe and wait to exit after reaching 2900 and breaking through, and then follow up to make a small profit. There is still room for decline during the day.
Market Analysis
BTC:
Looking at the 4-hour chart, as expected, Bitcoin has experienced a decline. It has not yet reached the short-term support range, which is still between 60000-58500. When it reaches this range, it will depend on the closing situation near 58500 to see if there is a rebound opportunity. If the bearish trend continues to strengthen, the position near 56552 will basically not hold, and after breaking through, the next position to reach will be near 52500. In day trading, it is still mainly short selling. For those who had short positions or high short positions yesterday, continue to hold until the 60000-58500 range. For those without short positions, the recommended entry point during the day is near 62100. The target remains the same, so take advantage of the entry opportunity. Short-term trading requires risk control, and profits and losses are self-managed.
ETH:
Looking at the 4-hour chart, Ethereum has also experienced a retracement. The downward momentum of Ethereum is slightly stronger than Bitcoin. After reaching the short-term target range and closing with a lower shadow, Bitcoin has not yet reached the range, but if Bitcoin continues to decline, Ethereum will follow. During the day, Ethereum is still focused on the decline range of 2970-2900. After reaching this range, pay attention to the closing situation near 2900. If there is no long lower shadow, there is a high chance of breaking through the position near 2817, and if it breaks, look towards the vicinity of 2600. For day trading, those who had short positions yesterday or high short positions can continue to hold. For those without, the recommended entry point during the day is near 3020. The target remains the same, so take advantage of the entry opportunity. Short-term trading requires risk control, and profits and losses are self-managed.
In summary:
Bitcoin and Ethereum are expected to continue to decline during the day, so take advantage of the entry opportunity.
The article is time-sensitive, pay attention to the risks, the above is only personal advice, for reference only!
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