2024.5.16 Bitcoin Analysis
Bitcoin price has broken through after the release of CPI data, and the current price is stable above $66,000. Although yesterday's layout was full of losses, the current trend is still worth analyzing. There is no obvious high resistance on the daily chart for the time being. The short-term four-hour chart shows that the price has risen straight. It is recommended to pay attention to the selling pressure in the 67,000-67,500 range. The attached chart indicator shows that the high level is overbought, and the reference value is limited. On the one-hour chart, the price and the attached chart indicator show a top divergence. It is necessary to focus on the support strength after the downward exploration. It is recommended to pay attention to the support strength in the 64,200-64,600 range.
In general, the daily chart has strongly broken through the long-short dividing line. It will take 18-36 hours to confirm whether the trend has completely reversed. Currently, conservative investors are advised to wait and see with short positions, while aggressive investors can arrange long positions during the correction.
Prepaid order:
Admission: 64200-64600
Stop loss: 400 pips
Target: 800-1500 points or more
2024.5.16 Ethereum Analysis
The overall trend of Ethereum is relatively normal. Affected by the strong rise of Bitcoin, the actual combat was out yesterday to protect the principal. On the daily chart, there is a certain resistance above Ethereum. The breakthrough of the 3070-3090 range needs to be paid attention to during the day. Only by breaking through and standing firm in this range can the long and short trend on the daily line be changed. A new short-term downward support level has been formed in the 2930-2960 range below. On the four-hour chart, the Bollinger three-line is open and the price is in a new upward channel, but it should be noted that the support below has not moved up with the price breakthrough, so it is not advisable to blindly chase more. On the one-hour chart, the price has a top divergence, and the strength of the decline repair needs to be observed.
Comprehensive suggestion: Conservative investors should wait and see with empty positions, while aggressive investors can arrange long orders during the correction.
Prepaid order:
Admission: 2920-2950
Stop Loss: 30 pips
Target: 50-80 points or more
When analyzing the latest trends of Bitcoin and Ethereum, the main driver of the current market is still the release of macroeconomic data and its impact on market sentiment. Bitcoin has shown strong upward momentum after breaking through $66,000, but there is still a certain risk of selling pressure in the short term. Similarly, Ethereum's trend follows Bitcoin, but its upside is constrained by the 3070-3090 resistance range.
The market is unpredictable and opportunities are fleeting. Only by paying close attention to every subtle change and seizing your own opportunities can you remain invincible in the ups and downs of the market. Are you ready today? Let's look forward to the wonderful performance of the market together!
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