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Complete deposit and trading tasks to receive random LOT airdrops. Exclusive Alpha trading task await!
5.29 Morning Thoughts
From a technical analysis perspective, the current market trend shows a clear consolidation pattern. Observing from the daily level, a short-term pullback trend has gradually formed over the past two years, with candlesticks frequently exhibiting long upper shadows. This clearly reflects that during the price upward process, there has been strong selling pressure, with significant resistance above.
Looking at the technical indicators again, the MACD indicator has formed a death cross and continues to diverge downwards. Although it is still above the zero axis, the bullish strength has become very weak, making it difficult to support an upward price movement. Based on the above technical signal analysis, it is recommended to adopt a short-selling strategy on rallies during the early trading session.
Strategy for Bitcoin: Short near the rebound at 108300-108900, targeting 105000.
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