Around 5 AM, $BTC spiked up to the 79199 level but couldn't hold above, resulting in a long upper wick on the candlestick, and it's now pulling back near the 78500 mark, consolidating.
Currently, we're seeing a bounce near the zero line on the 8-hour chart, but the overall rebound volume is clearly lacking. The MACD histogram is weak, and the upward momentum isn't keeping pace.
Above 79000, the buying support is weak, and the upward push is very feeble, making it risky to chase long positions at these highs.
The first key support for the day is at 78031.
➡️ If it doesn't break this level, we can still maintain a weak rebound strategy in the short term.
➡️ However, if it breaks down effectively, the first target below is 76361.
➡️ If 76361 also breaks down, it will officially signal the end of this upward trend and we will enter a deep correction phase.
I suggest that anyone holding long positions take the opportunity to cash out and observe for now. After the May Day holiday, once the market volume is released and the direction becomes clearer, we'll re-evaluate based on the real-time structure and trading volume for future entry strategies $BTC
Currently, we're seeing a bounce near the zero line on the 8-hour chart, but the overall rebound volume is clearly lacking. The MACD histogram is weak, and the upward momentum isn't keeping pace.
Above 79000, the buying support is weak, and the upward push is very feeble, making it risky to chase long positions at these highs.
The first key support for the day is at 78031.
➡️ If it doesn't break this level, we can still maintain a weak rebound strategy in the short term.
➡️ However, if it breaks down effectively, the first target below is 76361.
➡️ If 76361 also breaks down, it will officially signal the end of this upward trend and we will enter a deep correction phase.
I suggest that anyone holding long positions take the opportunity to cash out and observe for now. After the May Day holiday, once the market volume is released and the direction becomes clearer, we'll re-evaluate based on the real-time structure and trading volume for future entry strategies $BTC