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Cryptocurrency Academician: May 7, 2024 Bitcoin (BTC) Latest Market Analysis Reference:

Yesterday's long position at 64,000, the target of 65,500 in the article, how many friends followed the current price long position from yesterday? The actual position layout took 1,500 points, and the short position was closed at 62,800 without breaking 65,500. Yes, just before the deadline for submission, it was exactly 3:20 am when the profit was taken and the position was closed. A short position was opened at 65,200, and the profit was taken at 62,800, gaining 2,400 points. As for the reason for taking profit at this position, the reason is that the trend line is uncertain as the K-line retraces downward after the position is opened. How should we position ourselves today?

Looking at today's market, as of the submission deadline, the current price of Bitcoin is near 63,000. The bearish sentiment today is strong compared to yesterday's bullish trend. After the daily K-line broke through the EMA trend indicator, it was resisted at 65,500 and fell back, continuously breaking through the supports at 63,900 and 63,100. The next trend support point is at 61,000, with a space of over 2,000 points. The upward space of KDJ has already been completed in the short term and has not reached the expected effect of reaching 67,500, but stopped at 65,500. The MACD volume is still in the stage of increasing funds, and the DIF and DEA are forming a low-level upward golden cross, which means that there is still a possibility of a rebound after this round of washing. The daily K-line retraced to the 63,300 support point of the Bollinger Band, and both the upward and downward spaces are now waiting for the opportunity.

The three black crows on the four-hour K-line fell directly from the EMA trend indicator to the support point near 32,500. Whether it can hold is crucial. After the MACD volume declines, it starts to shrink, and the DIF and DEA form a death cross at the high level, indicating a short position is coming. In addition, with the KDJ opening up and the space spreading downward, the Bollinger Band has narrowed. The earlier pressure level of 65,500 has now reached 64,500, and the support point has also moved from 61,000 to 62,200. Overall, it seems to have reached the vicinity of the lower support point in the trend. Just wait for the opportunity; once the lower support is not broken, you can start positioning.

Specific contract operation suggestions are as follows:

• If the 62,200 to 62,500 support is not broken, go long; consider exiting in the 63,500 to 64,500 range, with a stop loss of 400 points.
• If the 62,200 to 62,500 support is broken, go short; consider exiting in the 61,000 to 61,500 range, with a stop loss of 400 points.
• Short entry point at 63,800 to 64,200; consider exiting freely in the 63,300 to 62,500 range; if the short stop loss point of 64,500 is broken, exit and observe.

The specific operational ideas are mainly based on market data. For more information, please consult the author. The article is published with a delay, and it is recommended for reference only. Please bear the risks.

Adhere to five principles in contract trading: do not open a position until the point is reached, do not open a position until the breakthrough, do not open a position until the signal is seen, do not open a position until the stop loss point is found, and do not open a position if the stop loss point is too large. Only open a position at key points. You can manually take profit, but be sure to set a good stop loss.

This article is exclusively provided by the Cryptocurrency Academician and represents the Academician's exclusive viewpoint. The viewpoints and suggestions for BTC, ETH, DOGE, DOT, FIL, EOS, etc., are based on in-depth research. Due to the timing of article publication, the above viewpoints and suggestions are not real-time and are for reference only. Please bear the risks. Reprinting should indicate the source. Please control your position reasonably and avoid heavy or full positions. The Academician also hopes that investors understand that the market is always right. If you make a mistake, you should summarize your own problems and not let the expected profits slip away. There is no need to be smarter than the market in investment. When the trend comes, follow it; when there is no trend, observe and be patient. It's not too late to act after waiting for the trend to become clear. Tomorrow's success comes from today's choices. Heaven rewards diligence, earth rewards kindness, people reward sincerity, business rewards trust, industry rewards precision, and art rewards heart. Gains and losses are all in the details. Develop the habit of strictly setting stop loss and take profit for each trade. The Cryptocurrency Academician wishes you a pleasant investment!

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