5.9 Friday Morning Analysis of Bitcoin!

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​Yesterday, it surged directly from 99,000 to 104,145, with a strong rally that liquidated shorts. Currently, the daily market continues to rise, and the four-hour pullback has been very brief. This morning we are looking for a correction; it is not advisable to chase long positions at this time. For the upcoming strategy, we will maintain a bearish outlook unless the support below is broken, then we will follow the trend.

On the four-hour level, the running channel is in a tightening state, facing pressure at the mid-track. The bullish volume has significantly released, and the moving averages are trending upwards. In the consolidation phase, there is a demand for upward correction. In the short term, the bullish volume is maintaining a recovery, but there are no signs of a stable breakout. The smaller cycles continue to show a weak state.

Personal trading advice for Bitcoin: Short in the 105,000-106,000 range with a target of 98,000-92,000.

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