BTC Is Striving for $58k Again While ETH Is Trying to Set Another ATH

 2021-05-07 09:46:21

Bitcoin Is Finding Its Support Line Around $55K

Yesterday, the sentiment of the Bitcoin bulls rebounded, and the market broke the position and went up, but the follow-up did not continue to rise at the $59,000 line as expected. Today, the trend went down instead. The price once fell below 56000, and the low retreated $55,241. The current price is running near $56,600, and the market may enter a high level consolidation again.


From the 1-hour chart, the Bollinger Band is opening downwards, and the market rebounds back to the middle and lower track area. Although the rebound is out of the rhythm, the upward movement has begun to be blocked, and the resistance is still slowly moving downward. If it fails to break through in the future The market is suppressed, and there is a risk that the market will retrace the $55,000 line again. Therefore, it is not recommended to blindly chase more to prevent the price from falling again. The upper pressure line can focus on $57,000, and the lower support level can focus on $55,000.


Will Ethereum Register Another New High?

After the price of Ethereum repeatedly stepped back yesterday, the bulls ushered in an explosion in the afternoon, and the price continued to rise as expected, reaching a high of $3,605. Today the trend has fallen below $3,500, and the current price is around $3,470. If it breaks again in the future, the price is expected to rise further.


From the 1-hour chart, the market has stepped back on the $3,400 line and out of a rebound. At present, the price is constantly testing upwards. The Bollinger Band opens slightly upwards, and the trend is about to run in the upper-middle rail area. Although the new wave of Ethereum has recovered by more than 200 points, the follow-up repair efforts are also strong. The current market is still in the process of rebounding. The short-term bull sentiment is strong, and the price is expected to test the intraday high again.

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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