2025.5.12 Morning Market Analysis, the current market is doing great! Last week, it directly rose for a whole week without any pullback. First, let's give a conclusion: will it continue to surge this week? To be honest, I don't believe so. The market always experiences ups and downs; it has already risen for a week, so why would it continue to rise? It's simply because last week's rise attracted a large amount of hot money and retail investors into the market. From the relationship of volume, we can also see that there is a significant drop in volume during the decline and a decrease in volume during the rise, which is obviously unhealthy. I boldly predict that a pullback will occur in the next couple of days. Currently, BTC is in a small-scale triangular convergence area and is about to make a direction choice. Whether it moves up or down is unknown, but if everyone wants to go long, I suggest doing so with a light position. You can rebound near the trend line and practice high selling and low buying.
Today, the weekly line has changed to a beautiful large bullish line. Currently, on the intra-day view, the 1-hour level is moving in an ascending channel, and as long as it touches down the channel, you can go long with a light position. If it breaks down with increased volume, you should stop loss. The upper daily level resistance still exists at 104800 and 106180. If it breaks through, we look for a new high at 110000. There isn't much to say about the support below because it is in a channel; you can try going long when touching the channel. The 4-hour level support at 102400 is still effective, and if it breaks down, we look at the vicinity of 101300 and 100800.
