Waves in the Currency Sea: Bitcoin (BTC) market analysis reference for May 8:

After Bitcoin's high broke through the recent high point, the upward momentum has weakened, and the market has since undergone a correction. As of this writing, the price is around 79,700. Observing from the daily chart, Bitcoin is still in an upward channel between the upper and middle bands of the Bollinger Bands. The EMA moving average system maintains a bullish arrangement, with mid- to long-term moving averages providing effective support to the price. Bullish momentum has weakened as the MACD histogram continues to shrink, while RSI and KDJ indicators have retreated from high levels but have not entered the oversold zone, indicating a short-term need for correction. As long as the 78,000 support formed by the middle Bollinger Band and EMA 20 is not effectively broken, the daily upward trend will not be damaged.

From the short-term 4-hour chart, the price has entered a correction channel, clearly suppressed by short-term moving averages after breaking below the middle Bollinger Band, with EMA 7 and EMA 15 turning downward to form a bearish arrangement. The MACD indicator has formed a death cross, and the histogram is continuously expanding, with bearish momentum being released. RSI has fallen to around 34, and KDJ has entered the oversold range, indicating a short-term technical rebound demand. The lower band of the Bollinger Bands is currently a key support level; if it stabilizes here, the price may rebound above the middle band. If this support is broken, further correction space will be opened. In terms of operations, cautious traders should mainly wait and see, waiting for support to stabilize or break effectively before entering the market; aggressive traders may attempt to go long with light positions near the 79,500 support, strictly setting stop losses at key lower levels. If a breakout occurs, then layout short positions accordingly, managing position risks to avoid blind operations.

Waves in the Currency Sea: Bitcoin short-term reference for May 8:

Long positions: Go long in the 78,300-79,300 range, stop loss 500 points, target 80,700-81,500,

Short positions: Go short in the 81,700-80,900 range, stop loss 500 points, target 80,300-79,300,

[The above analysis and strategies are for reference only, risks are borne by yourself. The article review and publication may have delays, and the strategy may lack timeliness, please do not operate blindly]

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