Current price: $105,707 (updated at 06:15 AM, 19/05/2025)
1. Trend analysis & impact information
• Technique: Bitcoin is trading in a narrow range from $103,000 to $106,000 after reaching a yearly high of $105,979.99 on 18/05. The symmetrical triangle pattern on the 4-hour frame indicates a potential breakout or breakdown is imminent. RSI is at 67.15, suggesting that the upward trend is still present, but caution is needed due to slight bearish divergence between price and RSI.
• Impact information: CME Group is expected to launch Bitcoin futures on 19/05, opening up opportunities for institutional investors to enter the Bitcoin market. Additionally, Coinbase joining the S&P 500 index on 19/05 is also a positive signal for the cryptocurrency market.
2. Suggested trading strategy
Long scenario:
• Entry: $105,500–$106,000
• Stop-loss: $103,500
• Take-profit: $110,000 – $112,000
• Probability of success: ~65%
Reason: Bitcoin is in a strong upward trend, with technical indicators supporting it.
Short scenario (if support breaks):
• Entry: $103,000
• Stop-loss: $104,500
• Take-profit: $100,000
• Probability of success: ~35%
Reason: Should only be considered if Bitcoin breaks strong support, however, the probability is low due to the overall trend still being bullish.
3. Conclusion
Bitcoin is in an accumulation phase after a strong rally, with various technical signals and information supporting the next upward trend. The short-term Long strategy has a higher probability of success; however, it requires tight risk management and close monitoring of key support/resistance levels.