5.22 Jiang Yuheng | Afternoon Bitcoin Market Outlook



The market before the weekend is predictable; still following a high-level shorting strategy!

Today, after Bitcoin retested the support, it attempted to push upward, but was immediately pushed back after reaching the resistance level. The long upper shadow revealed how fierce the selling pressure above is.

Although the MACD still maintains a bullish stance, the red histogram has been shrinking, which essentially means "the last gasp of a strong bow." The bulls no longer have the strength to push higher.

In terms of operation, consider shorting around 78,000, with the first target at 76,900. Set a proper stop-loss and avoid risking your position on weekend volatility.
BTC-0.97%
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