5.14 Wednesday Morning Thought Analysis

Waking up to find the price of Bitcoin stabilized around 104,000 is not a good feeling at all, it hasn’t come down at all. Even more surreal is that Ethereum has surged above the 2,700 level. This rebound is quite intense.

Last night, Bitcoin reached a high of around 105,000, but didn’t manage to break above that. To be honest, Ethereum is really strong. From the 1-hour candlestick chart, Bitcoin has started to retrace, moving from the upper Bollinger Band to the middle band, and there is a trend of breaking downwards. The overall movement has also started to retrace, so the trading strategy for Bitcoin should still focus on short positions at high points.

However, the descent is currently quite slow, and the rebound strength is quick. For short positions, it is basically possible to exit with a few hundred points, and it is important to manage take-profit levels well. Take profit at the target level.

Morning trading suggestions

Short Bitcoin between 104,200 and 104,800, targeting 101,000. If it breaks through, look for a drop below 100,000. If it doesn’t break, consider going long.