Yueying: Bitcoin and Ethereum Market Analysis (May 4-5): New Highs, Plunge, Double Top Formation? Latest Trend Strategy Included

On the daily chart, Bitcoin's previous candlestick closed as a doji below the upper Bollinger Band. On Monday, it opened strongly above the upper Bollinger Band, rising to above 80,000 before pulling back. The Bollinger Bands are trending upwards with short-term moving averages parallel. The MACD fast and slow lines are moving sideways with narrowing volume bars. The KDJ indicator is turning downwards; watch for resistance around 100. The VR indicator is consolidating around 190. On the 4-hour chart, after breaking through the upper Bollinger Band to a new high, the price failed to stabilize and instead experienced a sharp decline with consecutive bearish candles. Currently, it's trading above the middle Bollinger Band. The Bollinger Bands are narrowing and flattening with short-term moving averages trending upwards. The MACD fast and slow lines are turning downwards with decreasing volume bars. The KDJ indicator is turning downwards; watch for support around 0. The VR indicator is consolidating around 140. Overall, the market briefly broke through the previous high, touching above 80,000 before experiencing a sharp pullback, which was in line with expectations. The short-term daily candlestick pattern still suggests a possible double top formation. Therefore, continue to focus on the resistance around 80,000; a break above this level would target 82,000. Support is around 77,000. The overall strategy remains unchanged: be cautious about chasing rallies to new highs. See short-term suggestions. Bitcoin short-term suggestion: Short at 79,500, Long at 77,500 (Take profits as needed). The short position on Ethereum at 2380, mentioned above, has moved over 60 dollars. The overall technical analysis of the daily and 4-hour charts can be used as a reference for Bitcoin. Short-term resistance is around 2450, and support is around 2250. See short-term suggestions. Ethereum short-term suggestion: Short at 2430, Long at 2270 (Click the image to see the homepage introduction for more cryptocurrency analysis). — I am Zhou Yueying, a teacher specializing in technical analysis. Feel free to discuss and learn with me if you have any questions about trading or trends! Let's exchange ideas and benefit together!