May 8, Friday, Mufeng Market Analysis

Yesterday, Bitcoin's price rebounded to 81,500 but faced resistance and pulled back, and in the evening, it was dragged down by the US stock market, accelerating the decline. It ultimately broke below the 80,000 level and traded sideways around 79,530. Since the beginning of this week, the price has fallen more than 3,500 points from the high, and it is advised to avoid blindly shorting in terms of operation.

From the four-hour technical pattern, the price first broke below the middle band with a solid candle, indicating that the correction structure has not fully ended, but the bearish momentum has shown signs of gradually weakening. It is expected that there will be a rebound and correction during the daytime, and the non-farm payroll data release in the evening will be a key directional guide.
Short-term trading suggestions focus on buying on dips:
Bitcoin: Place long orders around 79,000, with a target of 81,000; Ethereum: Place long orders around 2,270, with a target of 2,410.
$BTC $ETH