5.21 Initial Evening Thought Analysis
U.S. stocks opened lower again, as the space above Bitcoin is constrained by strong resistance at 1080, while there exists a deeper pullback space below.
In this situation, blindly chasing the rise is not a wise move; instead, it is more reasonable to look for high short opportunities when the price rebounds.
After three consecutive hourly bearish candles, there was a brief breakout above the middle Bollinger Band, but it failed to form an effective continuation. The lower band maintains an upward tilt, signaling a short-term stop-loss. The Bollinger Bands continue to narrow, with the market gradually shifting into weak fluctuations. Although a breakout pattern is observed on the four-hour chart, each upward attempt is accompanied by rapid pullbacks, and volume indicators show insufficient bullish continuation, with key resistance levels remaining unbroken after repeated attempts. Evening operations will primarily focus on high short participation.
Bitcoin: 107900-108500 🈳, Target 105500-106800
