Wednesday, May 8, 2024, Bitcoin evening thoughts
Weak downward trend, weak rebound, continue to short
Bitcoin has been under pressure since it rebounded to the 64,300 area in the early morning. As of now, it has dropped to the 62,000 area to form a fluctuating rhythm. In the morning, it decisively rebounded to the 62,800-63,500 area for short selling. After a slight rebound to the 6300 area at noon, it fell back as expected. After a round of decline, the short orders in the 62,900 area in the middle of the plate were received as expected. At present, the market has basically not given too many rebounds. In the case of weak trend, continue to maintain a bearish mindset!
In the short term, the 4-hour trend has formed a weak structure again, the highs have fallen under pressure, and the lows are also moving down. The overall trend is oscillating downward. At present, the shorts are still increasing in volume, and there is still a possibility of continuation in the short term. Combined with the hourly line, the price of the currency continues to fall, and each round of rebound is suppressed by the shorts. The indicator moving average is extending downward, so the shorts continue to be seen in the evening.
On Wednesday night, it is recommended to short Bitcoin around 62500-62800, with the target of 61000-60500.
On Wednesday night, it is recommended to short Ethereum around 3010-3030, with the target of 2900-2850.
Stable operation is a false proposition. There is no permanent investment strategy, only investment methods that are suitable for a period of time, so continuous improvement is needed on the road of investment.
