🫐5/8 Midday Bitcoin Market Outlook

Bitcoin initially completed a technical rebound after a standard decline, but faced resistance at the 82192 pressure level and pulled back, initiating a second retest, consecutively losing the key levels of 80885 and 80k. Currently, it is stabilizing around 79490 after a decline, entering a consolidation phase.

The current main trading range is between 79462 and 80250, with the market in a phase of direction selection:
• Holding above the 79490 support, the market is unlikely to test 78133 downward; if volume increases and it breaks below this level, the support at 78133 will likely be lost, and the current rebound on the hourly chart will be over, indicating the bullish trend has been broken.
• To reverse the weakness and initiate a rebound, a breakout above the flag pattern resistance at 80250 is necessary to form a valid stabilization and upward movement; only by staying above 80885 can the upward trend continue, otherwise the overall trend remains weak.

Trading suggestions:
• If volume increases and it breaks above and stabilizes at 79919, consider going long with the trend, targeting 80885 and 81702;
If unable to hold this level, the rebound space is limited.

• If volume drops below 79461 with a failed rebound, follow the trend and go short;

On the 4-hour chart, a confirmed break below 79485 targets further downside at 78150 and 77221.
• Strictly set stop-loss orders, wait for clear breakout signals before entering positions.

$BTC #Gate广场五月交易分享