Good morning everyone, I am Ou Peng. Today is May 8 at 08:40, and the price of Bitcoin is fluctuating around 97000, forming a relatively clear range of oscillation.
The daily level shows a continuous upward trend for several days, but the highs have not broken through the previous high of 97732, indicating some pressure.
From the technical indicator MACD perspective, the 4-hour MACD is in the positive zone, and the fast and slow lines are continuously diverging upwards, indicating strong bullish momentum in the short term. However, note that the current histogram is starting to shorten, which may indicate weakening momentum.
The RSI14 is around 60, dropping towards 50, which suggests a risk of market correction. If it continues to maintain a high level, it may enter a stronger trending market.
The moving averages EMA7, 30, and 120 are all in a bullish arrangement, especially the distance between EMA7 and EMA30 is gradually widening, supporting a bullish outlook in the short term. However, the price is close to EMA7, so we need to pay attention to its support.
In recent trading cycles, the trading volume has increased, especially between May 6 and May 7, with a notable rise in volume, showing signs of capital inflow.
The current trading volume is relatively stable, with no extreme changes, indicating that market sentiment is fairly steady. What we need is to wait at the necessary crossroads of price for it to make a decision, which is also the philosophy of our 'necessary road' community, and we welcome everyone to join us.
This is the information provided by the market. Finally, I want to share my personal opinion: Bitcoin has suddenly failed several times around 98000. Now, although it is in a bullish state, the upward momentum of the 4-hour MACD is continuously weakening. We can observe the support levels on smaller time frames, and if it breaks, we can short.
Finally, I wish everyone a bountiful day today!$BTC