5.3 Weekly Bitcoin Latest Ideas, Short-Term Short Positions First

Before you know it, it’s already the third day of this long holiday, brothers—are you still having fun?

For these past two days of the long holiday, the market has been running in a slow-grind upward pattern. For the short side, it’s both torment and torture, but on the other hand, it’s not any easier for the long side either. If the market doesn’t pull back, there aren’t many chances for the longs.

Overnight, Bitcoin once again climbed above 790, and then saw a small pullback. The short-term pace looks strong, but there’s no breakout. On the four-hour chart, after probing and dipping to the 748 area of support early on, it then moved upward in a steady series of green candles. On smaller timeframes, it once again forms a V-reversal pattern. Looking ahead, the key point to watch is the 795 resistance. Only if this breaks can the upside open up more room. Right now Bitcoin is at a high level; since it isn’t giving much pullback space, it’s not advisable to chase longs excessively. So for today, we’ll still look first for a pullback.

Consider taking shorts in batches around 789 and 794, looking down toward the 775-765 area. If it drops, do not continue—do not reverse to go long again. #比特币ETF期权持仓限额增4倍