May 7th Bitcoin and Ethereum Market Analysis

After reaching a short-term new high, Bitcoin experienced a pullback, but the trend is more likely a "false move" rather than a trend reversal. Currently, there are no obvious signs of distribution in the market, and the bullish structure remains solid. In the short term, continue to monitor the reaction in the $83,500-$84,000 range. From a medium-term perspective, the key anchor point is the decline formed from the end of last year to the beginning of this year—if it can hold above $83,500 and break through $85,000, not only will the rebound level expand and the trend potentially reverse, but altcoins will also return, creating rotation opportunities.
Ethereum's price movement shows a "drawing door" pattern, with the price falling back near the initial rise point. The $2,400 level provides strong resistance, and a small cycle has already shown the shape of a tower top. Overall, the market remains oscillating and consolidating within the $2,300 to $2,400 range.
Trading Suggestions:
Intraday support: $77,800-$78,300 Long positions
Intraday resistance: $83,800-$84,300 Short positions
Today's strategy has been issued; follow the strategy for real-time positioning.