Yesterday's bearish outlook was fully validated. Bitcoin's upper channel narrowed, and the price moved downward in a stepwise fashion. During the evening, influenced by the US stock market opening shadow, it briefly broke below the 80k integer level. Currently, it is forming a consolidation and correction around 79,500.

The current 4-hour chart shows Bitcoin oscillating near the middle band of the Bollinger Bands. After continuous bearish candles, the price finally closed below the middle support line with a solid bearish candle. This is the first time since rising from 75k that a solid close below the middle line has occurred, indicating that the short-term structure has weakened. The price is now in a phase of alternating bullish and bearish consolidation and correction. Although there is support near the lower band, the effective breach of the 80k level also indicates that this correction is not over, and the downward trend continues. On the hourly chart, after being pressured at the middle line, the price quickly fell back. It is now in a state of reduced volume sideways trading, showing a pattern of mixed small bullish and bearish candles. During the daytime, the market is expected to mainly rebound and consolidate, with a focus on the strength of support below. After the non-farm payroll data is released in the evening, the market may choose a new direction. Operationally, it is still advisable to buy on dips and look for rebounds at lower levels, and to short at higher levels.

At noon, Bitcoin can be bought around 79,000 with a target of 80,500. Ethereum can be bought around 2,250 with a target of 2,320. #Gate广场五月交易分享