5.18 Bitcoin Morning Analysis

From last night through the early morning, Bitcoin kept fluctuating in the 77,800–78,500 range, but this morning it moved downward to 76,660, and it is currently oscillating around 77,000.

Judging from the chart, the daily price has been repeatedly breaking below the short-term moving averages in succession. The Bollinger Bands are narrowing, the price is moving downward along the middle band, the bullish trend is weakening, and the intraday level is bearish and favors a pullback. On the 1-hour timeframe, the KDJ three-line indicator turns downward, forming a death cross and indicating a bearish setup. In the MACD, the two moving averages are below the zero line; the DIF line moves downward and crosses below the DEA line to form a death cross. The number of red bars increases, bearish momentum takes the dominant position, and the short-term downtrend is clearly apparent.

Trading suggestions:
Short near 78,000–78,500, with targets at 76,500–76,000 points. #Gate广场五月交易分享 $BTC