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5.13 Wednesday morning Bitcoin outlook: go long first, then empty/short during the day
Yesterday, the bears put on a solo show, completely ignoring the bulls. Once price fell, it kept falling for the entire day and continued until the early morning, with the low dropping to around 798 before a rebound. However, the bulls were also not convincing—after the rebound into the 808 area, they stalled. At present, Bitcoin is hovering around 806.
On the four-hour chart, the bulls and bears are fiercely contesting within the smaller cycle, but price is still trading within the range box. In the short-term timeframe, Bitcoin spiked up (to 824) and then pulled back. After a series of consecutive bearish candles retested and broke below the middle band, the 798 support below was tested again. So far, neither side has been able to effectively break through. Currently, Bitcoin is in the support area below, so it’s not advisable to chase shorts excessively.
In the morning, you can consider going long in batches in the 803-799 area. Look for a rise toward 817-825. If it moves up without continuation, reverse and take a short position.