May 18, Monday

The market plunged directly at the start of the week, successfully piercing through to 76,666, with the bearish outlook given over the weekend accurately materializing!

At the beginning of the new week, after ending the weekend’s consolidation, Bitcoin quickly declined in the early session, touching a low of 76,600 before slightly rebounding, currently quoted around 77,100. The previously persistent bearish forecast has been fully realized, with the market showing weakness, and the rebound still dominated by selling.

The daily chart broke below the short-term moving averages, with the EMA15 clearly under pressure, MACD red bars shrinking and bullish momentum weakening, Bollinger Bands narrowing, and the price moving along the middle band downward, indicating a generally weak correction on the daily chart. The four-hour moving averages formed a death cross, with the price staying close to the lower Bollinger Band, MACD green bars below the zero line continuing to expand, indicating strong bearish force, with the market forming lower highs and lower lows, confirming a short-term downtrend.

Trading Strategy
Rebound to 78,000-78,500, sell in batches, stop loss at 79,000
First target at 76,000, if broken, then look for 75,000