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May 7th Trend Analysis: Bitcoin at a Key Resistance Level, Ethereum Continues to Decline, Are the Bears Starting?
Bitcoin's price movement yesterday basically reached the 82,000 to 83,000 range we previously discussed. Currently, the market is under pressure and pulling back downward. Our previous long positions were very accurate, from 75,000 going long up to around 83,000! The weekly moving averages are under pressure, and the monthly moving averages have also been tested. If 83,000 cannot be broken, the rebound is basically complete, and the next move is likely a sharp decline, with the long-term target around the previous support near 60,000.
From a technical perspective, Ethereum looks weak. It has been repeatedly resisted during previous attempts, and this time it only tested 2,420 before quickly falling back. Currently, the support gap below has risen to around 2,000, and in the short term, it may sharply drop to around 2,000.
Trading Suggestions:
BTC short at 81,000-81,500, target 78,000 - 75,000, stop at 82,000
ETH long at 2,350-2,390, target 2,200 - 2,000, stop at 2,430
The opinions, conclusions, and suggestions in this article are for reference only and do not constitute investment advice. The market carries risks; invest cautiously. $BTC $ETH