On May 15, 2024, the price of Bitcoin fluctuated around 62,000. The Bitcoin market analysis is as follows:
From the daily level, the price ended the strong bearish pattern of three consecutive negatives with a small positive line, but the downward trend has not changed. The price is still constantly testing the support strength of the lower Bollinger track. The Bollinger channel is narrowing, and the attack line and the defense line are both biased downward. The attached indicator is increasing in volume, and the price has the intention of going downward.
From the 4-hour level, the closing line is a negative K, and the price falls below the attack line support to test the support strength of the lower Bollinger track, with a downward intention. Overall, the bears still have the upper hand, but the range below the daily level has not opened, and the short-term position is still a shock pattern.
The following operation suggestions are for reference only and cannot be used as a basis for actual investment:
If it is a short-term operation, you can consider trying to short with a light position when the price rebounds to a certain resistance level, and set reasonable stop loss and take profit points. If the price falls further, you can hold short orders appropriately, but you need to pay close attention to market dynamics and take profits or adjust strategies in time if there are signs of reversal.
If you are looking for medium- to long-term operations, given the large fluctuations and high uncertainty in the Bitcoin market, it is recommended to remain cautious and wait and see, do not enter the market easily, and wait until the market trend becomes clearer before making a decision. $BTC
