During the May Day holiday, the overall market trend was quite good, and based on the latest market行情, it can still continue to rise. This week, focus on resistance around 85,000. Personally, I believe the upward trend structure is still in place, and the recent surge in volume has not yet ended, so it’s relatively easy to reach. Therefore, in the short term, the market direction is bullish, and I suggest buying on dips.
From the weekly chart perspective, it’s clear that the market has already exited the major downtrend, and the weekly W-shaped pattern indicates a clear bullish signal. Looking at a longer cycle, the target is around 87,000, as there is strong resistance near that level. Additionally, on the monthly chart, the market is gradually forming a large V-shape pattern. Whether it can form a standard V depends on subsequent developments in US-Iran relations, Federal Reserve policies, and other relevant news.
Overall, the market is gradually warming up, while most mainstream altcoins are still catching up. The overall performance has not yet broken out of the current market state. For those who have not yet bought spot and are currently in cash, it’s advisable to buy in batches on dips to build positions. I mentioned this at the end of last month. For those who have already bought, it’s better to wait and observe.
I believe that the recent upward push in the market is partly driven by continuous buying from crypto ETF institutions. Therefore, it’s important to pay attention to subsequent institutional movements. Yesterday, the net capital inflow from institutions was about $247 million, and trading volume was decent, indicating that institutions are actively buying in the short term, supporting a bullish outlook.
Today, BTC’s overall fluctuation range is 80,000–83,500, ETH’s is 2,330–2,450, and SOL’s is 85–89.
Today’s contract strategy:
BTC: Buy on dips around 80,500, take profit at 83,000.
ETH: Buy on dips around 2,350, take profit at 2,420.
