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Friday morning Bitcoin latest thoughts for 5.8: The bullish trend is gone, watching the bears perform quietly
The long-awaited decline finally arrived yesterday, and the bears can also breathe a sigh of relief. Since Bitcoin surged to 828 and faced resistance the day before yesterday, the bears have been the main players all the way. The current lowest drop is around 794, and a 3,300-point decline has completely broken the upward path.
Today, the weak bearish trend has already formed, so it won't easily reverse again. Although short-term support is at 795, it is only a matter of time before it is broken in this pattern. The four-hour Bollinger Bands show signs of turning, and moving averages and various indicators are all arranged in a downward bearish order. No signs of rebound are seen in the short term; this morning, a rebound is just a trap for the bears.
This morning, focus on the upper resistance at 805. If this level is touched but not broken, it’s a good opportunity to short decisively, targeting the 786-770 range.
#BTC回调