5-27 Bitcoin Analysis: From a weekly perspective, last week saw an increase in volume, but the weekly chart has not been able to stay above $110,000. Even with the positive news released by Trump yesterday morning before the weekly close, it did not break the $110,000 barrier, resulting in an upper shadow that formed a false breakout. Given the volume and price action during this wave, this may be a temporary high point.

On the daily chart, after a false breakout engulfing pattern appeared a few days ago, it has been in a sideways movement. After today’s close, Bitcoin started a downward spike. From the bullish trend line perspective, it just touched the trend line and then closed. If the market breaks below the trend line and the previous low support level of 106,500, that would be a double signal for a trend reversal. Friends with long positions need to pay attention to this.

Short-term structure: Last night, Bitcoin filled the FVG gap, which is also the 0.618 Fibonacci resistance, and is yet another false breakout. This wave can be said to be a triple signal retracement. Therefore, in the short term, Bitcoin is still oscillating in the 110,000-106,500 range. If we are looking to go long, we can find opportunities at the trend line or previous low points, and set a stop-loss if it breaks below. Currently, the market has not shown a clear direction.