Good morning everyone! It is now 5:55 AM on May 29th, welcome to Gu Zhi's trend analysis. Today, let's do a brief analysis of the morning situation of Bitcoin.
Let's start with the daily chart. After reaching a historical high, Bitcoin's price trend has been firmly suppressed by the resistance level of 110000 in recent days, showing a clear downward trend. In terms of technical indicators, the MACD has formed a death cross above water, and this situation continues, while the RSI is also in a bearish arrangement, moving downward towards a stable range, which overall is unfavorable for the bulls.
Now let's take a look at the hourly chart. Recently, Bitcoin has made multiple attempts to break through the resistance level of 110000, but each time has failed and ultimately retreated. The current price has reached a recent low, but has not truly broken through yet. However, the RSI at this time shows a bullish arrangement, rising from the oversold area to the stable range, and the bearish momentum of the MACD is gradually weakening. This seems to suggest a change in market sentiment, with the strength of the bears gradually diminishing.
From a short-term perspective, after Bitcoin broke through 107000, it quickly rose and retraced, which verified the effectiveness of 107000 as a short-term support level, as can also be seen on the four-hour chart.
So, how should we layout today? Let's take a look at the 30-minute and 15-minute charts first. The current price has already set a new low in recent days. Yesterday, Bitcoin was oscillating within a range, and last night, there was a sudden breakout with increased volume beyond the previous support level of 108000, testing down to the secondary support near 107000. Despite a quick price rise after two tests, it still has not formed an effective breakout.
Based on the above analysis, our intraday layout should revolve around the key support level of 107000. Currently, on the 30-minute chart, the bearish momentum of the MACD has weakened, and there is even a trend forming a golden cross below water. However, it is important to note that there has not yet been any accompanying trading volume to verify this trend.
If the bulls can increase their volume later, and market liquidity improves, then we can consider entering a long position, with a target price around 108000.
But if the market continues to maintain a sideways adjustment, I suggest everyone to continue observing and patiently wait for better opportunities.
If there is a breakout with increased volume beyond the current support level, then we should follow the trend and short, with a target price around 104000.
Market trends are constantly changing, and no strategy can remain unchanged. If you have any questions about the content of this article or have more thoughts to share, feel free to come and communicate with me. I offer free Q&A, and we can learn from each other and make progress together!
Today's sharing ends here, thank you all for watching. Don't forget to move your fingers, follow us for the latest news!
See you next time!