5.8 Morning

The overall trend for “Big Cake” is clearly bearish right now. After a brief push up, it faces persistent selling pressure and keeps falling back. The current price is hovering in the 79,700–79,900 range. There is completely insufficient upward momentum, and in the short term it is a weak downward move.

The daily chart has already formed a relatively weak pattern, and the 4-hour timeframe is even more of a standard downward structure. Any short-term rebounds are only corrections; it is difficult to see a reversal and a strengthening trend. The first strong resistance overhead is 80,500. As long as the rebound touches this level, it is likely to be rejected and fall back. Above that, the 81,300 to 81,800 range has even heavier resistance, and there is basically no momentum to break through and turn bullish. The support below at 79,000–79,500 is only weak. Once the bears break it in line with the trend, price will directly drop to 78,600 and 78,000. 77,000 is the key defense line to watch next. Overall, the entire market is dominated by the bears.

Today’s mindset is firmly to focus on shorting. All rebounds are opportunities to short at higher levels. As long as it fails to increase volume and hold steady above 80,500, there’s no need to consider switching to a long (bullish) idea.

Trading suggestions:
“Big Cake” can rebound to 80,500–81,000; short in batches.
Targets: around 78,500–79,000.
If “Big Cake” rebounds to around 2,300, you can continue shorting; targets: around 2,280–2,250.
The above is only personal advice. Please follow Sister Lin’s Shiping layout: $BTC
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