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May 12, Tuesday, latest thoughts on Bitcoin in the morning, rebound without continuation, continue short at high levels
After a round of overnight rebound was capped at 821, Bitcoin continued to fluctuate narrowly at high levels, currently hovering around 818, which is also the position we suggested to short in the early morning, currently holding.
In the four-hour chart, after a short-term breakout above the upper band, Bitcoin continued to trade between the middle and upper bands, with a small-scale trend showing strength but never sustained. Currently, after a series of bullish candles with increased volume, there are also upper shadows, indicating obvious resistance in the short term. As the pressure points move lower, focus on the pullback situation during the day.
In the morning, Bitcoin is referenced at 819, with phased shorts around 824, targeting the 805-795 area. If the target is reached without continuation, consider going long again.