BTC Market Analysis May 2

Yesterday, the price fell sharply below the strong support of 59,000. The daily price continued to fall, and the price is currently fluctuating around 57,000. The daily support level is 52,500, which is the position where the price started to rise in mid-February. The short-term trend of the price on the 4-hour chart is weakening, and the 59,500 area has become the top of the pressure on the 4-hour chart. As long as the intraday price stands back to the 58,000 range, it is still relatively easy to test the pressure level. The long and short trends on the 1-hour chart are not obvious. The upper pressure level is around 58,300.

Short-term trend:

The intraday market cannot stand back above 59,500 with large volume, and the overall price continues to look towards the short trend. After the high pressure continues to be bearish. After the price falls, it can be seen that the shock repair will be done.

Brothers continue to pay attention to:

Short-term pressure level: 58,300-59,500

Short-term support level: 57,100-56,500

Heavy support level: 52,500-53,100