5.4 Monday Morning Bitcoin Strategy: High places are unbearable—go short intraday.

Time flies. In the blink of an eye, it’s already the fourth day of the holiday—are your buddies having fun?

During the three-day holiday, the market overall has been running in a range-bound, slow upward pattern. Bitcoin has repeatedly reached highs above 790. For the short side, it’s nerve-wracking; but it’s also not going great for the long side—there’s no room for a pullback, so it’s hard to find entry opportunities.

At the moment, one-sided slow upward movement in the short term clearly has the feel of a squeeze. Multiple tests have failed to break through the prior resistance around 795. So at this point, don’t let short-term oscillatory upside scare you off—if price is high, the short position is still the move.

In the morning, consider going short Bitcoin around 793, enter lightly, with targets at 780–770. If it drops, don’t extend the move further downward.