Preface: Investment involves risks, please proceed with caution.
Article review takes time, and there may be delays in publishing. The article is for reference only, and your readership is welcome!
Time of writing: 15:30, May 16th, Beijing time
Market Information
CryptoQuant: After experiencing a two-month decline, Bitcoin demand is now accelerating again.
The market expects the arrival of the "easy summer," and Bitcoin has achieved its best single-day performance in two months.
Incoming Vanguard CEO: No intention to push this asset management giant to launch a Bitcoin spot ETF.
US CPI data was released 30 minutes early, and authorities are investigating.
The cryptocurrency market is rising, but Ethereum is struggling to keep up with Bitcoin's pace.
The US April non-seasonally adjusted CPI recorded a 3.4% year-on-year increase, meeting expectations.
Market Review
Yesterday's predicted market breakthrough opportunity was not significant, but Bitcoin unexpectedly formed a large bullish candle, breaking the downtrend and surpassing the 200-day moving average. The highest point is currently at 66666, with a direct rebound of 3,000-4,000 points. Short positions were undoubtedly swept, and now that the downtrend of Bitcoin has been broken, the bearish trend of Bitcoin will come to an end. The market has shifted to the bullish side, while Ethereum's trend is still relatively weak. Despite Bitcoin's significant rebound, Ethereum only reached 3041, rebounding by about 130 points. Overall, Ethereum's performance is still relatively weak. However, with Bitcoin's rebound, Ethereum is unlikely to decline. For short-term trading, it is necessary to wait for this rebound to be completed before establishing short positions.
Market Analysis
BTC:
On the 4-hour chart, Bitcoin's trend has broken the downtrend and the 200-day moving average resistance. Breakout trends are usually accompanied by large bullish or bearish candles, as breaking out requires a certain amount of strength. Currently, with Bitcoin's breakout, this rebound has not yet reached its peak. The effective resistance level for this rebound is around 69400, with about 3000 points of space remaining. It is necessary to reach this level before considering whether to establish short positions based on the trend. For intraday trading, control the risk and manage profits and losses.
ETH:
On the 4-hour chart, Ethereum's trend is still relatively weak and cannot keep up with Bitcoin's pace. This rebound of Ethereum is basically driven by Bitcoin, and Ethereum has only broken the short-term downtrend, not the long-term one. Currently under pressure, the effective resistance level for this rebound of Ethereum is around 3150. Once this level is reached, pay attention to the strength of Bitcoin's rebound. If Bitcoin reaches around 69000, then there will be a shorting opportunity for Ethereum. If Bitcoin has not yet reached the resistance level, then Ethereum needs to pay attention to breaking the intraday high of 3221. After breaking this level, the market will move towards 3380. For intraday trading, the recommended entry point is around 3000, with a target around 3150. Control the risk and manage profits and losses.
In summary:
Bitcoin has broken the trend line, and Ethereum will follow the rebound. The uptrend is still continuing, and it is necessary to wait for the rebound to reach the resistance level before establishing short positions.
The article is time-sensitive, be aware of the risks, and the above is only personal advice, for reference only!
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