May 7th Trend Analysis: Bitcoin Facing Key Resistance, Ethereum Continues to Slide, Are Bears Taking Over?
The Bitcoin market yesterday pretty much hit our previously discussed range of 82000~83000, but now it's facing pressure and pulling back. The long positions were spot on, going long from 75000 to around 83000! Currently, the weekly and monthly moving averages are a struggle; if we can't hold above 83000, it looks like we've hit the top of this bounce, and we might be heading for a significant drop, with a long-term target eyeing the previous support around 60000.
From a technical perspective, Ethereum is looking weak, having faced strong resistance multiple times before. This time it barely tested 2420 before quickly retreating. The support gap has now risen to around 2000, and we could see a sharp drop towards that level in the short term.
Trading Suggestions:
BTC Short at 81000-81500, targeting 78000 - 75000, with a stop-loss at 82000.
ETH Short at 2350-2390, targeting 2200 - 2000, with a stop-loss at 2430.
The views, conclusions, and suggestions in this article are for reference only and do not constitute investment advice. The market carries risks; invest cautiously.
$BTC
$ETH
The Bitcoin market yesterday pretty much hit our previously discussed range of 82000~83000, but now it's facing pressure and pulling back. The long positions were spot on, going long from 75000 to around 83000! Currently, the weekly and monthly moving averages are a struggle; if we can't hold above 83000, it looks like we've hit the top of this bounce, and we might be heading for a significant drop, with a long-term target eyeing the previous support around 60000.
From a technical perspective, Ethereum is looking weak, having faced strong resistance multiple times before. This time it barely tested 2420 before quickly retreating. The support gap has now risen to around 2000, and we could see a sharp drop towards that level in the short term.
Trading Suggestions:
BTC Short at 81000-81500, targeting 78000 - 75000, with a stop-loss at 82000.
ETH Short at 2350-2390, targeting 2200 - 2000, with a stop-loss at 2430.
The views, conclusions, and suggestions in this article are for reference only and do not constitute investment advice. The market carries risks; invest cautiously.
$BTC
$ETH