5.6 Initial Morning Analysis:
On Tuesday, the short-term rebound is limited, starting with a short position followed by a long position in the morning.
Yesterday, Bitcoin failed to break through the level of 935 on the second downward test, and the price began to rise after that, but there was no substantial breakthrough. Although it broke through the pressure of 950 in the short term, it did not hold steady and is currently hovering in the 948 area.
On the daily level, Bitcoin has fallen back after consecutive bearish candles and then closed with a bullish candle again. In the short term, it presents a wide-ranging pattern, while on a larger scale, it still leans towards bullish. In the short-term 4-hour chart, the price significantly fell below the lower track, forming support in the 935 area, then moved up with consecutive bullish candles, but the momentum is limited. The price is running between the middle and lower tracks, and the short-term rebound is a normal adjustment after a decline. Therefore, it is recommended to initially take a high short position in the morning and then switch to long after a decline.
In the morning, Bitcoin is suggested to short in the 949-954 area, observing the 940 area. If it doesn’t continue downward, you can switch to a long position.
