$BTC Daily Market Analysis in the Crypto Space (5.12)

Summary:

$BTC 4-hour level is highly likely to build a central structure in the range of 100000-106000, with the last 4-hour high point being between 106000-108300. There is hope to complete this daily upward movement near 108300. As long as the price stays above 100000, there is a possibility of breaking new highs. Understand this clearly: the possibility of breaking new highs is contingent upon the price staying above 100000; if it falls below 100000, it will begin to undergo daily corrections. When the market is down, do not speculate; only those in control know whether new highs will be broken. In any case, there will be corrections down the line, so wait patiently for direction. The upper pressure for today is 106000, and the lower support is 101400. My personal subjective judgment is that the current market is a trap set for the bulls, with various altcoins jumping around wildly. The FOMO (Fear of Missing Out) sentiment has already begun. What does FOMO look like? It appears because there are good news flooding in everywhere, almost every few days there is some positive news, reminiscent of the end of the 2021 bull market. If you rely on emotions for trading, what you need to do now is to sell off your spot positions. In short, a major retracement is not far away; it's time to run from spot trading rather than chase highs. A few days ago, I lost quite a bit by shorting, and I felt quite down. Sometimes, technical analysis is truly insignificant in the face of such news; any support or resistance can be ignored. That day really caught me off guard, so I haven't posted any analysis these past two days as I've been adjusting my state. I will continue to update daily going forward.