5.29 BTC Morning Analysis

Good morning everyone! It is now 5:55 AM on May 29th, and welcome to Gu's Trend Analysis. Today, let's do a brief analysis of the morning situation of BTC.

Let's start with the daily chart. After reaching an all-time high, BTC has been firmly suppressed by the resistance level of 110000 in recent days, showing a clear downtrend. In terms of technical indicators, the MACD has formed a death cross above the water, and this trend is still continuing. The RSI is also in a bearish arrangement, moving down towards a stable range, which is overall unfavorable for bulls.

Let's take a look at the hourly chart. Recently, BTC has attempted multiple times to break through the resistance level of 110000, but each time it has failed and eventually pulled back. The price has now reached a recent low, but has not truly broken through. However, the RSI is showing a bullish arrangement, climbing from the oversold area to a stable range, and the bearish momentum of the MACD is also gradually weakening. This seems to suggest a change in market sentiment, with the strength of the bears gradually diminishing.

From a short-term perspective, BTC quickly rose and retraced after breaking through 107000. This process confirms the effectiveness of 107000 as a short-term support level, which can also be seen on the four-hour chart.

So, how should we layout today? Let's first take a look at the 30-minute and 15-minute charts. The current price has already reached a new low in recent days. Yesterday, BTC was oscillating within a range, and suddenly last night, it broke through the previous support level of 108000 with increased volume, testing the secondary support near 107000. Although there was a rapid rise in price after two tests, it still has not formed an effective breakout.

Based on the above analysis, our intraday layout strategy should revolve around the key support level of 107000. Currently, on the 30-minute chart, the bearish momentum of the MACD has weakened, and there is even a trend of forming a golden cross underwater. However, it is important to note that there is currently no trading volume to confirm this trend.

If the bulls can increase their volume in the future and market liquidity improves, then it will be possible to consider entering long positions, with a target price near 108000.

However, if the market continues to remain in a sideways adjustment, it is recommended that everyone observe patiently and wait for better opportunities.

If there is a significant breakout below the current support level, then one should short in the direction of the trend, with a target price around 104000.

The market trends change rapidly, and no strategy can remain unchanged. If you have any questions about the content of this article, or if you have more ideas of your own, feel free to come to me for a discussion. I offer free Q&A, and we can all learn from each other and make progress together!
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See you next time!