May 3rd, midday thoughts:

The high-level stalemate has persisted for a long time, and the trend reversal is imminent!

The market has yet to provide a decent pullback opportunity, with prices steadily creeping higher, and patience for watching continues to be drained. Every small rally makes people feel conflicted and anxious; friends holding coins are even more unsettled by this sideways consolidation that’s neither up nor down.

The market neither has enough upward momentum to open new space for gains nor clear signs of a pullback to fulfill correction expectations. The entire position remains shrouded in uncertainty. The current stalemate between bulls and bears is the most genuine reflection of market sentiment and also indicates that the trend reversal window is quietly approaching.

Looking back at the market trend, major cryptocurrencies surged overnight again, testing higher than 79,000, then quickly pulled back slightly. In the short term, the market seems relatively strong but has yet to break through key resistance levels. From the four-hour chart, after prices stabilized at the previous support level of 74,800 and gained strong support, they rebounded with a series of consecutive bullish candles. The smaller timeframe even shows a classic V-shaped reversal, suggesting short-term bullish momentum appears abundant.

But it’s important to view this rationally. Currently, prices are approaching the critical resistance at 79,500, which is the key dividing line for whether the upward space can further expand in the short term.

Only if prices can effectively hold above 79,500 will there be opportunities to further extend gains and test higher levels. Before a substantial breakthrough, the longer the sideways consolidation at high levels, the greater the risk of a pullback. The market is currently at a stage high, with price volatility continuously narrowing, and no suitable low-level entry opportunities. Blindly chasing at this point carries high risk and offers very low cost-effectiveness.

Therefore, the overall intraday approach is to remain patient, wait for pullback signals, and rely on the strength of key support levels to judge the subsequent market direction.

Trading suggestions:
Enter in batches within the 78,900-79,400 range
Target support zones at 77,500-76,500