5.8 Evening Bitcoin Market Analysis,
In the afternoon, Bitcoin surged again, with the price climbing to around 99,800. Subsequently, there was a slight pullback, and it is currently oscillating above 99,000. This is the benefit of following the trend; understanding the trend can save one from a lot of detours. The price has pulled back to around 99,500.
From the current trend, the bullish momentum is about to end. It is evident that the upper resistance at 100,000 has not been broken for some time, and the pressure from above is very clear. Additionally, from an hourly perspective, the price is close to the upper Bollinger Band, with weak upward momentum, and it may fall back below the middle band at any time. The KDJ indicator shows three lines in the overbought zone, with the J value already showing a turning point downward, indicating short-term bullish exhaustion. The MACD indicator shows a shortening histogram, with the bullish side weakening and the bearish side strengthening, and the red bar may disappear and turn into a green bar. In summary, multiple indicators are releasing bearish signals. Continuous rise, will there be a pullback? Evening strategy:
Today, during the day, Bitcoin surged sharply, both hitting new highs, but the momentum is slowing down. It is recommended to combine long and short positions. Evening suggestions:
Short around 1970 for Ethereum, with a stop at 2000, target 1920.
Long around 1930, with a stop at 1900, target 1990.
Short around 99,800 for Bitcoin, with a stop at 100,000.
Long around 98,500, with a stop at 97,500, target 100,000.
Bitcoin strategy: Short around 99,800, target 98,000.
Ethereum strategy: Short around 1970, target 1900.