5.8 Thursday, Latest Bitcoin Market Analysis
In the early morning, Bitcoin dropped from the peak level of 97440, first probing down to 95854 before quickly rebounding to around 96805. It then tested the low point again at 95737, and was quickly lifted to around the high of 97348 due to market reactions, currently hovering around the 97000 mark. Whether the strategy is correct will be verified by time, but did the strategy of shorting first and then going long in the early morning just allow for easy profits?
From the current technical structure, although the overall trend remains upward, both bullish and bearish forces are not strong in the short term. The overnight pullback did not lead to a decisive break, and from the daily perspective, the rebound space and pattern are not sufficient for a major breakthrough. The mid-band provides some support, while resistance above is also quite evident, limiting the volatility. If there is no major news stimulus in the short term, the market will likely enter a range-bound oscillation. Given that the price has returned to the upper range, the short-term strategy in the morning can be to attempt a short position first, looking for a pullback, then go long after touching support, treating the situation as a range without breaking previous highs and buying low!
Morning Trading Suggestions
BTC: Range short at 97500-98000, target 95500.
If it doesn’t break, we will then go long.
