Cryptocurrency Scholar: Be cautious of major players inserting needles and retracing during the bullish trend of Bitcoin on May 17! Latest market analysis reference
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The current price of Bitcoin is 103,900, it is currently 2 AM Beijing time. The resistance level has not been broken, but the target point has been reached. Yesterday, I mentioned the upward point around 102,000, and the target is above 104,000. The real-time data has been updated, so you can take a look. I won’t say much more since this is a very normal trend and easy to grasp. Let’s look at the current market,
On weekends, it is generally a sideways trend. Before this report, the daily candlestick reached a maximum of 104,500 and a minimum of 103,000. The EMA15 trend fast line support has reached the 101,000 level, with a high probability of hitting the 0.786 retracement line. Therefore, we cannot rule out the possibility of major players inserting needles and retracing to the trend line support, especially in the case of divergence in the trend indicators. The MACD shows a top divergence with decreasing volume, and both the DIF and DEA are contracting at a high level. However, the candlestick shows a trend of wanting to pull up. The Bollinger Bands upward channel remains unchanged, and the upper resistance level has reached 107,650, continuing to expand upward. The overall trend is still bullish.
The four-hour candlestick also shows a fluctuating upward trend, having risen above the EMA trend indicator. Pay attention to the support EMA60 at the 101,800 level. The MACD has ended its contraction and has begun to increase volume, forming a golden cross with the DIF and DEA. The short-term resistance point is at the upper Bollinger Band at 104,850. If the resistance level does not break, consider a short position. If it breaks, there is a high probability of hitting the previous high. So, with a single red heart, prepare with both hands, making it more flexible.
Short-term strategy reference: The market is never 100% certain, so always set stop losses. Safety first; small losses and large gains are the goal, especially if breaking key resistance and support, stop losses must be set, do not hold onto losing positions.
Northern trial entry point 102,000 to 101,500, defend at 101,000, stop loss at 500 points, target 104,000 to 104,500, if broken, target 105,000.
Southern trial entry point 105,000 to 105,500, defend at 105,800, stop loss at 500 points, target 103,000 to 102,500, if broken, target 102,000.
Specific operations should be based on real-time market data. The article is published with a delay, so it is suggested for reference only, risk is self-borne $BTC