5.11 Monday Morning

Weekend time flies by in the blink of an eye, a brand new week has begun. Good morning everyone, I wish you all smooth sailing and long-lasting profits in the new week!

The opening market immediately surged with a strong upward rally, the bulls' momentum was fierce, and Bitcoin shot straight up to touch the 82,000 level. This sudden violent rally once again forced short sellers into a passive position, and the market was filled with cries of despair. The more the market rises and falls sharply, and the trend becomes fierce, the more you must stick to your trading principles, manage your positions carefully, and avoid blindly chasing gains or selling in panic.

From the four-hour chart structure, after Bitcoin previously dipped to the key support at 79,100, the bulls leveraged this to stabilize and rebound, forming a classic V-shaped reversal. Regarding technical indicators, the MACD lines adjusted and formed a golden cross, diverging upward, while the three lines of KDJ maintained a bullish alignment, indicating an overall strong trend. However, after continuous short-term surges, the market has entered an overbought zone, and bullish momentum is showing signs of exhaustion and a pullback. At this point, it is absolutely not advisable to blindly chase longs at high levels. It’s better to wait for a technical correction, and after a pullback and stabilization, then go long in a more prudent manner.

Bitcoin: Short around 82,500-83,000, look for buy opportunities near 81,500; if it stabilizes, consider buying around 80,800-81,300.