Morning Thoughts on May 6
The four-hour technical structure of Bitcoin shows that the market is still deeply trapped in a downward trend, with a short-term staircase-like decline, as the price slides from the middle track to the lower track.
Currently, there are no obvious signs of a bottoming out. Although support levels are present, their strength is insufficient to prevent further price declines.
Bears are dominant, and bulls are weak. Blindly trying to catch a bottom or going long carries significant risks. It is advisable to short on rebounds and wait for the price to bounce back to suitable resistance levels before entering a position!
Short at 950-955, target 930-920
