5.21 Bitcoin Market Update: The Pullback is a False Move, Bulls are Ready to Charge!
Market Review
On May 19, Bitcoin surged to 107,100 and then suddenly plummeted, hitting a low of 102,000. At that moment, everyone thought a 4-hour level pullback was about to begin. However, today (May 21), the bulls made a swift comeback, shooting back above 107,000. This wave of price action left technical analysts bewildered!
Short-term Scenario
From the 1-hour perspective, in the past 10 days, Bitcoin has experienced two "roller coasters":
First: On May 12, it spiked to 105,819, then crashed down to 100,718.
Second: On May 19, it peaked at 107,100, followed by a flash crash to 102,000.
These two "spikes" have made the short-term trend quite perplexing. Initially, it was thought that the spike on May 19 marked the end of a 1-hour level rebound, but today the bulls directly broke through the previous high, indicating that the prior pullback was merely a consolidation washout, and the real rally may have just begun!
15-Minute Details
The spike and subsequent drop from the day before yesterday was actually a "false breakout"; today’s break above 107,100 is the real move. Now, we need to keep an eye on two key points: can the pullback hold around 105,700, and can it stabilize above 108,000 on the next rise?
Trading Suggestions
Short-term traders should note: market changes are faster than food delivery! By the time this article is completed, the market may have changed again. The following viewpoints are for reference only: a pullback to around 105,700 can be an opportunity to try a long position with a small amount.
If it falls below 104,000, the 4-hour level rebound may end.
Consider adding positions only if it stabilizes above 108,000.
Don’t be scared off by the pullback; the bulls are still holding back their big moves! But remember: bull markets often see sharp drops, and bear markets often see sharp rises. Manage your stop losses well in short-term trading; don’t mistake tricks for true love!
