5.11, Monday, Bitcoin morning market analysis!

A good start to the new week, Bitcoin is currently around 80,700. Under the influence of nighttime news, Bitcoin sharply dropped from 81,500 to around 80,200. If there is no news stimulus, based on technical structure, this market has no problem reaching around 82,200. In the early session, I still expect a pullback to buy low. During this period, the news has been mostly bearish, with no bullish signals. Let’s hope for some bullish news to give the bulls a boost!

From the four-hour timeframe, the price failed to continue upward after testing the lows and stabilizing above the middle band, then broke through the upper band. The trading channel has already opened upward, with bullish volume expanding and aligned. The moving averages are rising consistently without signs of turning. The smaller timeframes have clearly gathered strength; a further rally is likely to continue, but with phase-based consolidation and correction. It’s only a matter of time before the bulls regain ground.

In terms of technical indicators, the Bollinger Bands on the hourly chart are opening upward, and there is still plenty of room for upward movement. The candlesticks are in the middle-upper band area. Even if there is a pullback, it should stop at the middle band and then continue to stretch. The MACD indicator shows the two lines above the zero line, forming a golden cross trend. The bullish momentum is continuously increasing, clearly indicating that the next trend will mainly be long positions!

Bitcoin trading suggestion: Buy near 80,200, target 81,000-82,200.