The market situation of BTC is indeed eye-catching. The big bullish candlestick from yesterday suddenly ignited the market atmosphere, instantly allowing me to recover from the loss I suffered from ETH last time. Standing on the sidelines and observing the market, everything becomes so clear! Let's first take a look at the current trend of BTC from the weekly chart.

Looking at BTC's trend this year from the weekly chart:

Since February 2024, seven consecutive weeks of uptrend have propelled BTC from a low of 38.5K to 73.8K, a nearly 100% increase. This can be described as the most exciting performance in the cryptocurrency industry! Half of 2024 has passed, and a seven-week consolidation has begun from the high point, accompanied by the hype of halving, making people inevitably ponder about the trend in the second half of the year. I believe the market will consolidate between 39K and 73K, especially on the upcoming May 19th. This day holds special significance in the cryptocurrency industry, and the market may once again create a downturn similar to 519, with panic emotions potentially triggering selling and stampedes, leading to intense volatility.

Next, let's take a look at the daily K-line chart, especially the high and low points in April and May, showing a downward trend. I am waiting for the market to effectively break through the high point of 65.5K. Once it retraces, I will consider continuing to go long. As for whether 56.9K is a protected range low, I will observe patiently.

Finally, let's take a look at the 4-hour K-line chart. The high point from last week has risen, the low point has also increased, and it has successfully held above 61K, which makes me optimistic about continuing to set new highs.

Keep a keen observation of the market and conduct rational analysis, while remembering to strictly implement risk management strategies in trading.

Documenting my daily trading routine, sharing the most immediate thoughts and trading details, updated every trading day.

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