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5.11 Monday Morning Bitcoin Latest Thoughts: Don’t Chase Longs at Highs—Go Flat First in the Morning
The weekend always passes by so fast. A brand-new week is here again—good morning, everyone, and I wish you all good luck!
The moment you open your eyes, it’s like a sky-piercing needle: the bulls are back with renewed strength. Bitcoin runs straight to 820. This sudden, unexpected surge once again pushes the short side into a deep abyss, with cries of anguish across the market—so when things move decisively, risk control must be in place.
On the four-hour chart, after the earlier dip that probed down to 791 support, the bulls have been steadily climbing. In the short term, a V-shaped reversal pattern is taking shape. After the MACD’s two lines cross, consolidate, and form a golden cross, KDJ’s three lines are also showing a bullish setup. However, it’s worth noting that price has entered an overbought region, so at this moment it’s not suitable to chase longs too aggressively. First look for a pullback; after it drops, then consider going long.
In the morning, around 824 and 828, take shorts with a downside target of the 810-800 range. If it doesn’t extend further down, flip to longs immediately.