Evening Thoughts on 5.8
On the four-hour candlestick chart, after a sudden price drop, it has entered a low-level consolidation, overall showing a weak recovery trend. The current price is consolidating within a converging channel, constrained by the pressure of the mid-channel. Bullish strength has not been effectively released. Although the moving average system continues to diverge upwards, the momentum for price recovery is clearly insufficient. In the short term, while there are mild signs of bullish volume recovery, there is a lack of strength for a breakthrough and stabilization, and the small cycle continues to show a weak pattern. Considering the current technical structure and market momentum, it is expected that the price will find it difficult to form an effective upward attack in the short term. It is recommended to adopt a high short strategy, focusing on the mid-channel and key resistance levels above, seizing opportunities to short on highs.
Operational Strategy for Bitcoin: Short near the rebound of 99800-100600, targeting down to around 98500.
On the four-hour candlestick chart, after a sudden price drop, it has entered a low-level consolidation, overall showing a weak recovery trend. The current price is consolidating within a converging channel, constrained by the pressure of the mid-channel. Bullish strength has not been effectively released. Although the moving average system continues to diverge upwards, the momentum for price recovery is clearly insufficient. In the short term, while there are mild signs of bullish volume recovery, there is a lack of strength for a breakthrough and stabilization, and the small cycle continues to show a weak pattern. Considering the current technical structure and market momentum, it is expected that the price will find it difficult to form an effective upward attack in the short term. It is recommended to adopt a high short strategy, focusing on the mid-channel and key resistance levels above, seizing opportunities to short on highs.
Operational Strategy for Bitcoin: Short near the rebound of 99800-100600, targeting down to around 98500.
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BTC
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