5.11 Morning Brief on Silk Road

Bitcoin initially rose to around 82,400 and then retreated to around 80,400; the overall market shows a reverse V-shaped oscillation. Currently, the daily chart shows a shrinking bullish volume with a slight downward trend, the four-hour level indicates a shrinking bullish volume with a solid downward candle, touching near the midline, and the hourly level shows increasing volume with consecutive downward candles forming a break below, short-term downward pinning followed by a rebound to test highs. Bitcoin quickly surged from 80,200 to around 82,460 and then retreated, falling to 80,470 before stabilizing. Reviewing today’s market, early in the morning it broke below 80,900 directly, and during the rebound, it quickly reached 82,100, gaining 1,200 points. It was also suggested earlier to wait for a pullback before entering, as recent rises accompanied by retracements have become normal. Around 81,400, short-term positions were set for a pullback, which came as expected to around 80,700, capturing 700 points. The current oscillation on a larger scale is still considered a correction phase for the main upward trend, despite some retracements, the overall upward trend remains unchanged. This explains why I don’t dare to look too far when trading, as the pullbacks are still viewed as short- to medium-term upward corrections.

At present, the market shows a three consecutive bullish days on the daily chart, with a relatively strong middle bullish candle, indicating a high point confirmation of the rebound, but in the short term, it is still in adjustment. On a smaller cycle, after an upward push, pullbacks are generally seen as corrections, with each surge followed by a retracement. The short-term retracement can be followed by a rebound. On the four-hour level, after pulling back to the lower band, there was no further continuation but a bottoming out and rebound. Early in the morning, a sharp surge broke through the upper band, repeatedly testing the bottom and rebounding, which generally indicates a slow stabilization in the short term. The lows have basically formed a stopping point, and on Monday, it’s advisable to continue to hold a cautious upward view.

Trading Suggestions

Bitcoin can be bought around 80,500-80,000, aiming for 81,500-82,000.

Ether can be bought around 2,320-2,300, aiming for 2,355-2,375.
These are personal suggestions only; please follow Sister Lin’s market layout for specific actions. $BTC