Evening Thoughts on May 6

Recently, Bitcoin has shown an overall downward trend. After reaching a peak on May 3, it has begun a continuous decline. Currently, the price is hovering near the lower Bollinger Band, indicating that the market has entered an oversold state and may enter a consolidation phase in the future.

In the short term, market fluctuations are gradually narrowing, and it is highly likely that the price will continue to oscillate in a low range. The current state of the Bollinger Bands shows that downward pressure still exists. However, if the price can stabilize near the support line, a rebound may occur in the short term. The combination of the hammer candlestick and the three black crows pattern suggests that the market will still be weak in the short term. Therefore, evening operations should primarily focus on short positions.

Bitcoin trading strategy: Short near 94600-95300, looking down towards around 93000.