May 5th Market Analysis from LBank Derivatives
Bitcoin (BTC) is currently in the middle to late stages of a triangular consolidation pattern on its daily chart. As the final interest rate hike for May is implemented, the market is expected to experience a more sustained positive trend.
We maintain an optimistic outlook for Bitcoin’s upward trajectory, especially after it stabilizes above the 30,000-point mark.
The recommended trading strategy is still to buy during price fluctuations and retracements, rather than chasing the breakout during price surges.
Ethereum (ETH), on the other hand, is currently in a narrow range consolidation. Compared to Bitcoin’s performance, Ethereum appears relatively weaker.
It continues to oscillate around an upward trend line, and the suggested trading strategy for Ethereum is to buy on dips along the trend line. Overall, the market for Ethereum is expected to remain volatile.
Notable Altcoins
Conflux (CFX) is currently in the final stages of its upward trend, with diminishing volatility. However, rebounds have consistently occurred near the trend line.
The recommended trading strategy for CFX is to still anticipate rebounds upon touching the trend line. Nevertheless, expectations for future price movements should be lowered as the token has been in the spotlight for a considerable period.
Lastly, Voyager Token (VGX) experienced a significant drop following the cancellation of a recent acquisition plan. Investors who bought VGX earlier have incurred substantial losses.
The outlook for VGX remains bearish, with the expectation of new lows. However, a potential rebound might occur upon reaching a previous low point.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
