5.14 Wanbing Morning Analysis

The intraday price of Bitcoin is slowly rising and has currently returned to the area above 104,000. However, the resistance area at 105,000 has not been broken, so there is still a possibility of a pullback under pressure. Therefore, if this area is not broken during the day, do not chase the rise.

From the daily chart, yesterday's price closed bullish, recovering the previous day's pullback. Currently, the bullish sentiment is also warming up, and the high points are approaching the previous resistance area. The market is under pressure and in slight consolidation, but the situation is beginning to improve. Wanbing believes that if the price stabilizes above 104,000 during the day, there is a chance to break the upper resistance area and continue the upward trend to create new highs.

On the short-term four-hour chart, the Bollinger Bands are gradually narrowing, and the market has returned to the middle and upper track area. The price fluctuations are weak and tend to consolidate. However, the trend is above the five-day and ten-day moving averages. If it can stabilize, there is a chance for the market to continue rising, but there is strong resistance above. Therefore, although the short-term trend is biased upwards, the intraday operation strategy still suggests focusing on buying on pullbacks and selling on high prices as a supplement.

Short-term Bitcoin reference:

Light short position 105,000-106,000🈳, stop loss at 107,800, stop loss: 500, target below 104,000

Long position 102,000-103,000 long, stop loss 500, defend at 100,500, target above 103,500