5.6 Bitcoin Evening Analysis



Currently, Bitcoin surging to around 82,000 with rapidly increasing risk, the hourly chart has shown a clear MACD bearish divergence, new highs in the market but volume continues to decline.

The previous multiple tests of the 80,830 support level forming a stabilization pattern are just a false appearance deliberately created by the market makers; the triangular consolidation pattern is essentially a distribution at high levels. Repeatedly testing support just proves the market makers' weak strength; 80,830, as the last line of defense on the hourly level, is only a matter of time before it breaks. Once broken, the market trend will be directly terminated.

Trading suggestions:
Bitcoin should range trade between 82,200 and 82,300, with the first target at 81,300-81,000, and the second target at 80,500-80,000. Currently, high-level market fluctuations are intense, and the bearish divergence risk continues to ferment. All rebounds are opportunities to short.
BTC-0.17%
ETH-1.11%
SOL3.62%
View Original
post-image
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin