5.28 Thursday’s morning thoughts on Bitcoin: first go long intraday

Overnight short sellers once again led the market’s rhythm. Yesterday during the white session, price moved within a narrow range; until the evening, when the shorts fully opened downside pressure. Any slight rebound will be crushed by the shorts. The current low is 742.

On the four-hour chart, several consecutive bearish candles continue moving downward. The short-term level is showing a weak-bearish tone; meanwhile, the Bollinger Bands are opening downward, and the moving averages are trending lower. In the attached MACD, bearish momentum energy is increasing. However, the three KDJ lines are about to enter the oversold area, and a turn could happen at any time. Focus on the support at 740 below: if it breaks effectively, the bears will completely open up further downside space. If it holds, strong double support will form below to enable continued rebound. Since price is currently at a low level, it’s not advisable to chase shorts too aggressively; therefore, in the morning, first watch for rebound moves.

Expect longs around 742, with upside toward the 760 area. If it breaks, continue targeting 780; if it doesn’t, reverse and consider shorting.