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The Federal Reserve is about to change leadership, geopolitical tensions are shifting unpredictably, what’s next for Bitcoin?
In the new week, the US-Iran issue did not reach a consensus in early trading, causing the market to fluctuate back and forth. This week, two major macro events: On May 15, Fed Chair Powell will hand over the reins to Chairman Waller, becoming the 17th Fed Chair. Waller’s personal stance leans toward abolishing the dot plot and explicitly supports the AI industry. Recently, high-tech US stocks like AI have hit new highs repeatedly, but unfortunately, Bitcoin’s recent performance has been heavily lagging behind US stocks. Meanwhile, Trump’s visit to China from May 13-15 could potentially lead to some improvements in geopolitical issues!
BTC
Early trading saw the daily/weekly charts switch, with the price rebounding to fill the gap above the daily line before starting to decline. The four-hour candlestick shows a bearish engulfing pattern testing the midline support. During the day, it retested support at 8020. If the daily close falls below this level, the head-and-shoulders pattern will be fully invalidated. Short-term, the focus is on a rebound towards the high point.
Range around 8140-8180, with support at 8260, target below 8020 to 7910-7800.
ETH
Range around 2365-2382, with support at 2428, target below 2318 to 2280-2231.