【Less than 2 days left until May Day, ETH's strong rebound has led to a surge in some ETH series. Can this momentum continue until May Day?】

BTC market analysis at 9:03 am on April 29, 2024

The altcoins fluctuate more than 10 points daily, and the big coin fluctuates by more than $2000. For short-term traders, there are opportunities to make some money for the May Day holiday by quick in-and-out trades in these two days!

If today does not set a new low (62700/62333), then the intraday movement will be a consolidation trend at the 1-hour level, which is a necessary trend for indicator repair!

The weekly chart has experienced 4 consecutive weeks of decline, and the current rebound high point at 64000/65000 needs to be observed. It is uncertain whether it will continue to accelerate the decline or consolidate for a week to provide some opportunities for altcoins during the May Day period. The weekly chart signal is not very clear at the moment!

The best closing price for the monthly chart, above 64800, would be a good choice. Keep an eye on this price level for the monthly chart closing in two days.

On the daily chart, pay attention to the key support at 61600 and whether it can be reclaimed if broken!

BTC focus: Support at 61600/62450±300

Temporary resistance: 65000

Keep an eye on the competition for these points in the next three to five days, and wait for the outcome of the medium and long-term positions, as well as the key points on the weekly and monthly charts. The current market is in a relatively tight situation. I still consider all rebounds as opportunities to reduce positions and make short-term trades in the first half of the year, rather than as a time to go all in for the long term!

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