As a senior figure in the cryptocurrency circle, I have always been committed to providing helpful advice to everyone, hoping that people will take fewer detours and make fewer mistakes in this market. Although I am earnest in my advice, the path of investment still needs to be explored by oneself, and learning is endless. The experience gained is the real wealth!

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I am a warrior striving to protect the "leeks" in the cryptocurrency circle, and I wish my fans to achieve financial freedom in 2024. Let's cheer together!

Cryptocurrency Academician: Bitcoin (BTC) Latest Market Analysis for May 6, 2024:

I believe many people followed the trend yesterday, after all, the train of thought given in yesterday's article was to short at 63900 with a target of 63000, then go long and take profit at 63900, with a combined profit of 1800 points. The only regret is the stop loss at 64600 for the third order, which led to exiting the position. Overall, the trend still leans towards short, but the upward space has not been fully exhausted, and there is a high probability of a short-term upward trend before coming down. Therefore, after the daily closing at 8 a.m., the Cryptocurrency Academician here has been positioning long at 64000, currently holding the position. Let's take a look at today's market.

As of the time of writing, Bitcoin is trading near 64200, and the daily K-line is exactly at the EMA30 trend indicator position. It has closed with a bullish candle for four consecutive days, and today's standing trend 30 indicator has directly reached the 67500 resistance level. There is a fluctuation of several thousand points above, so this trend cannot be ignored. The KDJ is still opening upwards without signs of closing, the MACD has just formed a golden cross and started to increase in volume, and the DIF and DEA are spreading upwards from a low position. In addition, after several days of retracement, it has stabilized around the 63400 support. It can continue to target the 67500 resistance level.

Looking at the four-hour ultra-short-term trend, too much momentum has been concentrated at the EMA180 trend indicator, and the bulls could potentially exert force at any time. The bullish trend in the ultra-short term is quite obvious, with the KDJ forming a golden cross, the MACD showing no increase in volume, and the DIF and DEA closing at a high level, so there is no need to be nervous. After the Bollinger Bands rise, the K-line forms a horizontal upward channel, with resistance at 63800. The short-term strategy is mainly focused on going long, with short positions as a supplement.

Specific contract trading recommendations are as follows:

For retracement, long positions can be established in the 63800 to 64100 range, with a target of 65500 to 66500. If the level is broken, target 67500 (the market may move unilaterally, so it is recommended to position in advance). Defend against further decline at 63500, and stop loss at 63000. The target for this ultra-short-term trend is clear, but since the market is not guaranteed, it is important to set a stop loss to prevent missing the opportunity for a trend reversal.

The first entry point for shorting is in the 67500 to 68000 range, with targets at 66500 and 66000, and a stop loss at 68300. If the level of 68000 is broken, the short position can temporarily exit and wait for an opportunity.

Specific operational strategies are mainly based on market data, and for more information, please consult the author. The article is published with a delay, so it is recommended for reference only, and risks should be borne by the reader.

Adhere to five principles in contract trading: limit to one to three orders per day, do not operate frequently

The first principle: it's better to miss than to make a mistake

The second principle: never overdraw your trades

The third principle: learn to wait for opportunities with an empty position

The fourth principle: protect the principal before considering profits

The fifth principle: learn to review and summarize patterns

In simple terms: do not open a position until the target level is reached, do not open a position until a breakthrough occurs, do not open a position without a signal, do not open a position without finding a stop loss level, do not open a position if the stop loss level is too large, do not open a position if it's not a key point, and manual profit-taking is allowed, but the stop loss must be set properly

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. Risks should be borne by the reader. Reprinting should indicate the source. Please control your positions 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 reflect on your own problems and not let the potential profit 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 wait. It's not too late to act after the trend becomes clear. Tomorrow's success comes from today's choices. Heaven rewards hard work, earth rewards kindness, people reward sincerity, business rewards trust, industry rewards excellence, and art rewards heart. Gains and losses are all in the details. Develop the habit of strictly setting stop loss and taking profit for each trade. The Cryptocurrency Academician wishes you a pleasant investment experience!

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