May 5 Market Analysis
Today marks the first day of the new month of resumption, as well as the beginning of a new week. Let's first review the market trend from last week, which saw a breakthrough high point surpassing the Fibonacci's 0.618 key resistance. However, the good times didn't last long, and then yesterday's pullback brought us back to the 94k-95k range, with the weekly closing forming an upper shadow, indicating that the market doesn't have such strong momentum.
Looking at today's daily chart, yesterday's solid bearish candle saw a bottoming out around 93500 this morning. For the market to move upward again, today's candlestick needs to close as a full or even engulfing bullish candle. The MACD has just reached a death cross at a high position, and the candlestick has not returned to the middle band of the Bollinger Bands for support, indicating that the market has not yet corrected adequately, and we should continue to observe.
Examining the four-hour chart, the market first dropped to trigger a TD9, reaching the lower boundary of a high-level consolidation box, which naturally calls for a small rebound. For a sustained upward movement, it needs to break through 95500 and quickly stabilize; otherwise, the rebound will lead to further declines. The MACD has started to cross below the zero line, marking the first touch of the zero line in this round of rebound, so the bullish bottom-fishing actions must be cautious. $BTC #加密市场回调
On the intraday small scale, the fifteen-minute chart shows an oversold rebound, but it is just a rebound without a breakout. The indicators on the small scale are mostly in a weak zone, so it is believed that the strategy of placing short positions with stop-loss on breakouts is superior to bottom fishing.
Upper pressure: 95200-95600
Lower support: 92800-92200
