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Currently, the overall market performance is relatively weak, mainly waiting for the CPI data to be released on May 15th. On-chain data shows that the strength of sellers and buyers fluctuates in a bear market, and the outflow of ETFs is also increasing, leading to poor market performance before the release of important data. Although the overall trend showed an increasing trend over the weekend and yesterday, the process of V-turn, painting doors, and other wash-up style upward movements still made many traders in the market feel low or even panic! The market is volatile, and many people feel confused and anxious. But we need to face it calmly, analyze the market trends rationally, and avoid blind actions. Market fluctuations may be normal phenomena, influenced by various factors. Insufficient funds and dealer operations can all cause market fluctuations. In this case, it is necessary to be particularly cautious, avoid being influenced by market sentiment, and maintain rationality.
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Bitcoin rebounded in the morning yesterday, breaking the weak pattern and recovering nearly half of the previous decline on Friday. It quickly regained its losses and broke through the 63,000 level in consecutive rallies. However, the upward movement is still under pressure. Currently, it is adjusting around the 63,000 level during the early morning phase. Ether is under pressure and Bitcoin remains stable. It can be seen that the change in short-term trend still supports Bitcoin. From the daily chart, the current market price has not exceeded the middle track of the Bollinger Bands, and the bullish trend is also flat. The trend seems to be suppressed by the middle track and moving average of the daily chart, possibly due to market sentiment. On the other hand, this indicates that the resistance at the 63,500 level is still strong. The battle for the 62,500 level will continue into the daytime trading session, which is also a turning point for short- to medium-term trends. In the daytime session, pay close attention to the support at 62,200 and the resistance in the 63,500-64,200 range. In the short term, trading should rely on the low and high positions of the small box, and follow the trend after breaking through the key levels!
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Ethereum rebounded after a rapid decline to around 2860 during yesterday's Asian session, following the trend of Bitcoin. It encountered resistance in the 2995 range during the evening session, and the psychological level of 3000 still poses strong pressure. The current rebound is relatively weak, indicating that the bullish momentum is still insufficient to form a strong unilateral trend. Therefore, we can expect the market to continue oscillating within a range, with a focus on the support in the 2900-2880 range and the resistance in the 3000-3050 range. In the short term, trading should be based on low long and high short positions within a small range, and follow the trend after a breakthrough.