Strength does not need to be overly demonstrated, the key is to gain more recognition from others. On the investment road, it is more important to do well than to prove one's strength to others. Whether it's a mule or a horse, you'll know once you take it out for a walk.

I am a warrior in the cryptocurrency world who is striving to protect the "leeks" (novice investors). I wish my fans to achieve financial freedom in 2024. Let's cheer together!

Bitcoin (BTC) latest market analysis as of May 8, 2024:

First, let's review. You can take a look at the train of thought provided in yesterday's article. The short position was laid out in the range of 63800 to 64200, and finally closed at 63000. The entry points and position-building signals clearly indicated in the chart were basically the same as the analysis. Although there was no pursuit of long positions, a short position was taken at 4 p.m. on May 7, and a 1200-point space was captured before the U.S. market opened at 9:30 p.m. In the evening, at 11:03, a short position was laid out again at 64200, and as of the time of writing, the profit was taken at 63000 at 2:30 a.m. on May 8, capturing another 1200 points. The layout was not broken twice at the high trend line. Long positions were not pursued until a clear signal appeared. Regardless of long or short positions, as long as a clear signal appeared, positions could be laid out.

Six principles of contract trading: Do not build a position until the point is reached, do not build a position until a breakthrough occurs, do not build a position until a signal is seen, do not build a position until a stop-loss point is found, do not build a position if the stop-loss point is too large, and do not build a position if it is not a key point. Manual profit-taking is allowed, but stop-loss must be set.

Now let's look at today's market. As of the time of writing, Bitcoin has fallen below 63000, breaking through the EMA30 support of the trend indicator. Will it fall below the downward trend line of 62500 next? Or will it once again challenge the EMA90 trend indicator at 61000? KDJ was blocked at 64500 and began to contract downwards, MACD increased volume to prevent the K-line from falling, and DIF and DEA formed a golden cross as they moved up from the lower level. The K-line has been within the Bollinger Band at 63400 for five consecutive days. It can be seen that the support near 62500 is effective. This position can be observed as a turning point in the trend. If it does not break, long positions can be laid out; if it does break, short positions can be pursued.

The four-hour K-line is more intuitive. Because the EMA trend indicator is contracting, judging from historical trends, the K-line may pierce through the trend indicator and retrace to the EMA60 support at 62700 at any time. All indicators are converging in the range of 62500 to 62000, indicating a significant amount of momentum at this position. KDJ was blocked at 64500 and began to spread downwards, MACD decreased in volume, DIF and DEA formed a death cross at the high level, and the Bollinger Band began to contract after the upper resistance at 64500. The support below is at 62900, and the upper resistance is at 64500. The strategy suggests laying out positions in line with the trend.

The reference for ultra-short-term strategy is as follows:

If it does not break below 62500 to 62700, go long, and consider exiting in the range of 63500 to 64500, with a stop-loss at 62000.

If it breaks below 62500 to 62300, go short, and consider exiting in the range of 61000 to 61500, with a stop-loss of 400 points.

Short positions can be laid out in the range of 64500 to 65100, and consider exiting freely in the range of 63300 to 62500. The stop-loss point for short positions is 65600. If it breaks, exit and observe.

(The horizontal support point, the downward trend line support, and the Bollinger Band and various indicators support are all in the range of 62500 to 62300, so as long as this position is not broken, the long position is still valid. If it breaks, it indicates a major short position. The probability of a trend reversal is high. Remember to set a stop-loss to prevent being washed out.) Specific operational strategies 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 responsibly.

This article is exclusively provided by the cryptocurrency academician and represents the academician's exclusive viewpoint. Due to the timing of the article's release, the above viewpoints and suggestions do not have real-time relevance, and are for reference only. Reprinting requires attribution. Please control your positions reasonably when trading, 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 profits slip away. There is no need to be smarter than the market in investing. When the trend comes, follow it; when there is no trend, observe and be patient. It is not too late to act after waiting for the trend to become clear. Tomorrow's success comes from today's choices. The heavens reward hard work, the 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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