Yueying: Bitcoin and Ethereum Market Analysis (May 6-7): Is it still possible to short in this strong market? Latest trend strategy included.
The price action on Bitcoin, as mentioned above, has moved over $2000. Looking at the daily chart, the previous candlesticks maintained an upward channel with consecutive positive closes, and the intraday opening continued the upward trend, breaking through recent highs. The Bollinger Bands are widening upwards, short-term moving averages are trending upwards, the MACD fast and slow lines are extending upwards with increasing volume, the KDJ is trending upwards, but watch for resistance around the 100 level, and the VR indicator is consolidating around the 200 level. On the four-hour chart, the price is slowly rising around the moving averages and the upper Bollinger Band, currently trading below the upper band. The Bollinger Bands are widening upwards, short-term moving averages are extending upwards, the MACD fast and slow lines are showing signs of turning downwards, and the volume bars are fluctuating between increasing and decreasing. The KDJ has turned downwards and is moving downwards; watch for support around the 50 level, and the VR indicator is consolidating around the 160 level. Overall, after breaking through the previous high, the daily chart shows three consecutive positive closes, maintaining a strong technical outlook. My strategy remains unchanged: while new highs are being reached, be wary of potential sharp drops and market corrections, so even if you are bullish, avoid blindly chasing the price. Zooming in, the key dividing line is around 88,000-90,000, which represents a major resistance level for the next phase. In the short term, for long positions, pay attention to the support at the 80,000 level. Enter positions on pullbacks that don't break this level or even if it's a false break. Short-term resistance remains around 83,800. See short-term suggestions. Bitcoin short-term suggestion: Short at 83,300, Long at 80,800 (Take profits as needed). Ethereum again falsely broke below 2400 and pulled back, currently testing moving average support. The overall technical trend on the daily and four-hour charts can be referenced in conjunction with Bitcoin's. Short-term resistance is around 2500, and support is around 2300. See short-term suggestions. Ethereum short-term suggestion: Short at 2450, Long at 2330 (Click the image to see the homepage introduction for more cryptocurrency analysis). —I am Zhou Yueying.