May 6 Bitcoin and Ethereum Market Analysis: BTC, ETH Highlights for Today

Market Review

During the May Day holiday period, BTC continued to rise, breaking through the 80,000 level. The main trend remains bearish, with a 4-hour upward trend maintained, showing slight bearish divergence at the top. We are waiting for volume to diminish before considering short positions. On the daily chart, the price remains in a sideways upward movement, with slight bearish divergence. Watch for changes in volume and wait for a good entry point to build a position.

ETH followed BTC's upward movement, but its trend is weaker than BTC. On the 4-hour chart, no significant change in volume is observed, and it continues to fluctuate within a range. Patience is advised for short positions until a rebound occurs. On the daily chart, there have been six consecutive bullish days, but the gains are modest. A golden cross on the axis is likely to happen, indicating a potential rebound. Pay attention to volume changes for upward movement, wait for a rebound, and be patient with short positions. The main trend remains bearish.

Crude oil (BZ) is more affected by fundamentals. Enter short positions around 110, building positions gradually. Hold medium-term positions; high oil prices won't last long. Keep sufficient margin to prevent black swan events (recommended to stay above 150). If prices continue to rise, add positions at 120. Wait for a correction to the proper range (60-70).

Fundamental news: Tensions between the US and Iran are escalating again, with rapid changes happening daily. Continue to monitor the developments.

Support and Resistance for Mainstream Coins Today:

Intra-day support for BTC is around 80,000-80,500, with resistance at 82,000-83,000. ETH support is at 2,270-2,330, with resistance at 2,400-2,450.