5.12 Bitcoin Evening Analysis

The intraday Bitcoin trend is showing a downward decline, with the current low reaching around 80,500. Although there was some correction during the day, the key psychological level of 80,000 has not been broken, so do not short in the short term.

According to the daily chart indicators, as the highs continue to rise, the retraced lows are also moving higher, overall steadily ascending, forming an upward channel. From the 1-hour indicator on the smaller cycle, the decline touched the lower band of the Bollinger Bands but has not broken below. The three lines of the KDJ are turning upward, forming a golden cross bullish pattern. The MACD double moving averages are approaching the zero line from below, and the shrinking of the bearish momentum bars indicates weakening bearish strength. Tonight, it is recommended to focus on long positions.

Bitcoin suggestion: go long at 80,000-80,500, with targets of 82,500-83,000.

Today’s CPI data is bearish; remember to stay defensive when trading!