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U.S. stocks closed down 0.29% on Friday, the S&P 500 fell 0.07%, and the Nasdaq closed flat. Tesla (TSLA. O) rose 4.7% and Apple (AAPL. O) rose 0.5% and Nvidia (NVDA. O) fell 0.6%, the Nasdaq China Golden Dragon Index fell 0.4%, and Alibaba (BABA. N) fell 0.4%, and Baidu (BIDU. O) fell 0.9%. The hot May in the crypto market continues, Bitcoin is now running in the momentum stage before breaking through new all-time highs, and Ethereum's strong rally has brought meme upside.
In-depth analysis of Bitcoin market:
The daily chart of Bitcoin shows a trend of probing higher and then falling back. During the morning session, the price surged sharply but lacked continuity. After testing the resistance level of 104334 once again, it faced significant pressure and quickly entered an adjustment range. Both the current day's K-line and the previous day's K-line formed upper shadows of certain lengths, indicating heavy selling pressure above. In the overnight session, Bitcoin reached a maximum of 103725, and then began to pull back, currently dipping to a low of 102252. Observing the overall market trend, the daily chart has recorded consecutive bullish candles, and at the daily level, the price still maintains a high-level consolidation trend. This consolidation pattern further exacerbates the upward divergence of the daily moving averages. As we have consistently emphasized in recent discussions, from a mid-term perspective, the Bitcoin market is still in a bull market, and the long-term trend remains bullish. In terms of operational strategy, it is recommended to maintain a long-term bullish guiding direction.
In-depth analysis at the hourly level, after the short-term currency price rose and fell back into the consolidation stage, it stabilized above the hourly moving average pressure price again. From the perspective of technical indicators, the overall hourly moving average is in a glued state, which is usually a typical signal that the market is in a short-term volatile trend, providing a volatile trend guide for the short-term market. As the period of high-level consolidation continues to extend, the current four-hour level chart shows that the price of the currency is gradually stabilizing above the price of the key indicator support level, and the four-hour moving average shows a bullish pattern that crosses upwards. However, it is worth noting that the four-hour chart shows that the currency price has encountered resistance after a short-term surge, and there are some signs of a pullback. Yesterday's rapid surge in currency prices made many investors unable to follow up and open positions in time. Based on a comprehensive analysis, it is expected that the price of Bitcoin will fall slightly during today's white session, providing investors with an opportunity to enter the market, and then the price will continue to show a further upward trend for bulls. Therefore, in terms of operation, it is recommended that investors lay out long positions when the price pulls back, and at the same time, they must pay close attention to the control of the entry point and timing, and arrange the positions reasonably to effectively manage.
Ethereum Market Professional Interpretation:
Compared to Bitcoin, Ethereum is moving more strongly. Ethereum continued yesterday's upward trend, after yesterday's big white K-line pulled up, the pullback was relatively limited, and the daily long white column closed extremely full, showing the strong dominance of the bulls. At midday, Ethereum rose to a maximum of 2491, and then began to gradually decline. From the analysis of the overall market yesterday, the upside is significantly greater than the callback space, showing the typical characteristics of the bull market with fast rise and slow adjustment. It was not until the end of the market that the price fell to a certain extent, and this trend played a role in cleaning the long profit orders to a certain extent. Ethereum began to retrace after hitting a high of 2387 overnight, and the current low touched 2268, and the current price is fluctuating around the 2340 line. At present, the short-term trend of Ethereum is relatively anxious, and its trend characteristics still continue the previous pattern of breaking the high and stepping back. From the analysis of the technical structure, the current retracement trend cannot break the bullish structure that has completed the bottoming of this round. From a morphological point of view, the current retracement can still be defined as a process of finding support. Based on the above analysis, the follow-up operation strategy is relatively clear, investors should focus on the current short-term support layout to do long, firmly bullish ideas, avoid blindly following the trend, and not be swayed by short-term market fluctuations.