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Monday, 5.11, the trend is set! BTC is about to experience a strong rally
It's Monday again, and over the weekend, Bitcoin has been in a steady oscillating upward trend. Currently, the price is firmly above $80,000. Each dip is quickly recovered, with support levels becoming more stable. Overall, the bulls are in control, and the risk of a decline is very low. In our recent outlook, we have been bullish and have taken quite a few profits.
From a technical perspective, the short-term moving averages are all trending upward, with the price moving along the moving averages. Support around 79,800-80,200 is solid, and it’s unlikely to fall below. The RSI indicator is in a strong position, not overbought, and the MACD golden cross is still ongoing. The bullish momentum is strong, ready to push higher at any moment.
This morning, personal views for Monday suggest that buying in batches around 81,000-80,300 could be considered, with a stop loss at 79,500. First target is 82,500 USD, and if it stabilizes there, then look at 83,000 USD. Manage your position size well, and operate cautiously. $BTC