Market analysis on May 9
I. Market analysis of Auntie
1. Analysis of Auntie’s intraday trend
From Auntie’s current trend: the market started to stagnate after reaching the 5th wave, and finally the market came to the 3220 position and began to fall rapidly, and completed a wave a callback trend. During the rebound during the day yesterday, it continued to fluctuate downward and came to the 2930 position to complete a round of callback c. Today’s daytime trend may come out of a new wave 1 trend. From the perspective of the support below, 2910-2930 is a relatively strong support, and the key position of the rebound above is in the 3030-3050 position area. The overall trend is still to rebound and operate at high altitude
2. Analysis of the intraday trend of Bitcoin
From the perspective of Bitcoin's trend: after touching the new low of 56,300, there will be a round of V-reversal, and then at the 63,000-64,000 position, there will be an inverted head and shoulder trend connected to the previous structure. In the process of forming the right shoulder yesterday, the market broke down and fell below the rising adjustment area, and also came out of a round of 4-wave trend. The market started a round of rebound near the 61,000 position. From a structural point of view, the market will have another round of 5-wave rebound, but from the perspective of the previous trend, the height of this round of rebound will not be too large and will not exceed the height of the previous 3 waves. The rebound area will be around 63,000, rebound and then prepare for high-altitude operations.
2. News situation
From the perspective of news: Grayscale withdrew its application for ETH when SEC was about to make a judgment on the final result, and made a statement that it would focus on the spot situation of Ethereum in the future. It seems that the current ETF is also in a relatively tight situation. Looking at the ETFs last night, there were both increases and decreases, but the purchase volume was very small. Continue to pay attention to the latest ETF institutional data.
