[Views on the market on the evening of May 6th]
The market conditions during the entire May Day holiday can be described as colorful. The market fell as low as 56552 on May Day. After five days of market recovery, it rebounded to a maximum of 65500 today and then fell back to consolidate. The overall trend is still strong. In the past two days, CZ's narrative has come to fruition. The Federal Reserve has kept its benchmark interest rate unchanged at 5.25%-5.5% for the sixth consecutive time, which is also in line with market expectations. There is a high probability that the Federal Reserve will start cutting interest rates in the third and fourth quarters. Today, the total transaction volume of 6 big cakes and Ether spot ETFs in Hong Kong today is about HK$60 million. Although it is still pitifully small, we do not rule out that it will get better and better in the future. The next step is whether the Ethereum spot ETF can be approved in May. It will pass in half a year or near the end of the year. Ethereum’s market position will definitely be higher and its influence will be greater. From a macro perspective, this week will not have much impact and will continue to maintain an upward trend of shock. Stay tuned. If you are a big bull, just pay attention to the giant whale area for specific operations.
From a technical point of view, the weekly growth of the market is negative, and the daily line is positive for 5 consecutive times. We need to pay attention to the area around the 60-day moving average again. Only when it effectively stabilizes above 63,000 will the bulls continue. In 4 hours, the market will remain high and fluctuate in a narrow range. , running in the area of the short-term moving average, the overall market is biased towards the bullish side. What needs to be paid attention to now is whether the 4-hour volume column shrinkage shows signs of top divergence. If not, there is a high probability of breaking through the upper edge of the flag pattern.
Day support for the pie: 62928 Pressure: 65144
Auntie’s daily support: 3035, pressure: 3212
Hot news of the day:
🪅Bloomberg analyst: Hong Kong virtual asset ETFs have as big an impact on the local market as the United States
🪅 Hong Kong Exchange: In the first quarter, the total market value of Bitcoin and Ethereum futures ETFs reached HK$1.2 billion, with capital inflows of HK$592 million.
🪅Charles Schwab: The Fed is expected to cut interest rates two to three times in the second half of this year
🪅There are still about 28 days until ETC production reduction is expected
Thanks for the likes and attention, don’t get lost in the bull market in the future!
