May 7th Bitcoin and Ethereum Market Analysis: BTC, ETH Highlights for Today

Market Review

Yesterday, BTC experienced a slight increase followed by a pullback; the main trend remains bearish. Currently, the 4-hour upward trend has not been broken, but a slight bearish divergence has appeared. Waiting for volume to diminish, the rebound is weak. Consider short positions when appropriate. The daily chart shows a sideways upward movement with slight bearish divergence. Watch for changes in volume and wait for a good entry point.

ETH followed BTC with a slight rise then a pullback; its trend is weaker than BTC. On the 4-hour chart, no significant volume change is observed, and it remains in a range-bound oscillation. Be patient with short positions, wait for a rebound before considering new entries. The daily trend remains range-bound with a potential for a rebound. Focus on intraday volume changes, wait for a rebound, and be patient with shorts. The main trend remains bearish.

Brent crude oil is more affected by fundamentals; it saw a sharp pullback yesterday and has now returned to around 100. Traders holding short positions can partially reduce their holdings to lock in profits. Remaining positions can wait for a pullback to the normal range (60-70).

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

Intraday Support and Resistance for Mainstream Coins:

Today’s intraday levels: BTC support at 80,000-80,500, resistance at 82,000-83,000; ETH support at 2,250-2,300, resistance at 2,380-2,430.