5.22 Bitcoin Trend Analysis

Yesterday we provided a short at 107900, exiting near 106000, pocketing 1900 points!

Currently, it is expected that 105000 will provide a new support point for the major trend. This position can be referenced as an entry point for long positions. The MACD shows a top divergence with decreasing volume ending and starting to increase, and a golden cross is formed in the major trend. The upper resistance of the Bollinger Bands broke 110000 and is still moving upward. The overall trend is too strong for bulls, and the top is unknown. Look bullish but do not chase the price; wait for a pullback to confirm support before entering.

After breaking the previous high, the short-term indicators on the four-hour level have the EMA15 fast line support arriving at 106500. The MACD is continuously increasing in volume, and both DIF and DEA are above the energy indicators, indicating a strong bullish trend. The K-line has also broken the upper Bollinger Band at 108750, and the mid-band support at 105600 should be monitored during a pullback. When reached, one can consider testing long positions. Currently, the market is in extremely overbought territory, and fluctuations can exceed 5000 points; hence, observe more and act less, waiting for key support to consider entering.

Trading Advice:

Short Bitcoin in the range of 109500-110500, targeting 106000-105000$BTC