BTC Ideas

From the daily chart perspective, the price completed a strong downward move on the 22nd, but was violently reversed the next day, forming two consecutive pin bar-like rises, indicating that the bulls' strength remains strong. The weekly liquidation zone still centers around 78,000.

However, due to the recent two-day price action, a new key point has emerged. The net long position on the daily chart has not shown significant additional buying; instead, shorts are continuously increasing. This seemingly contradictory situation of forcibly maintaining the price suggests that the market appears to be waiting for something. The conclusion drawn is cautious longs, shorts at high levels.

Conservative traders can consider using the Vegas Channel and divergence lines on the daily chart to gradually position themselves.

1. Watch the intersection of the divergence line and the 20-day moving average on the daily chart, around 77,800.

2. Focus on the lower boundary of the Vegas Channel above, around 78,800.

My personal feeling is that this week is the most critical point to end May, possibly the decisive moment for this rebound.
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