5.14 Bitcoin Charting Ideas

Market Analysis
Currently, Bitcoin is oscillating at a low around 79,600, and the 15-minute chart has stabilized above the middle band of the Bollinger Bands.
Short-term bearish momentum is weakening, showing signs of a weak rebound correction, but overall it remains in a downward trend on the 4-hour timeframe.
Rebound strategies should primarily follow a high-selling approach.

From the 15-minute perspective, the price has retested the lower Bollinger Band and stabilized, rebounding and currently trading above the middle band.
The Bollinger Bands are showing signs of convergence, indicating that short-term downward momentum is slowing, and there is a need for a corrective rebound.
However, on the 4-hour timeframe, the Bollinger Bands are still opening downward, and after breaking below the middle band, the overall pattern is weak, suggesting that this is just a technical correction after a decline.
The resistance above remains strong, and the rebound space is limited.
Overall, the primary approach is to sell high on rebounds.

Key Levels
Resistance: 79,900-80,300
Strong Resistance: 80,500-80,800
Support: 79,200-79,000
Strong Support: 78,700-78,500

Trading Suggestions
If a rebound stalls around 79,900-80,300, consider following the downward trend:
🚀 First target: 79,300-79,000
🚀 Second target: 78,000-78,500
If the price retests 78,500 and stabilizes, rebounding and holding above 80,500, then adjust the strategy to follow a low-buying approach.
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