3.19: Bitcoin failed to hold its ground, retreat intentions are clear
Bitcoin has formed a false breakout followed by a bullish reversal trend on the daily chart. If the real intention was to push higher, then after breaking above the upper boundary of the nearly month-long fluctuation at 73000 on March 17, the price would have held its ground, thus accelerating upwards towards 90000 to profit from the price difference of bottom-fishing chips. However, this process did not occur, so it is necessary to continue viewing the market from a bearish perspective under the guise of a false breakout.
In terms of formation, the daily K-line is also in a situation constrained by the downward channel of the MA60, and the bearish reversal pattern has not changed. In terms of intraday operations, it is suggested to continue using bearish strategies to cope with the situation. To avoid short-term price rebounds, it is advisable to consider entering short positions in the range of 72,500~73,000 USD, with a stop loss set at 74,200 USD, looking short-term below 70000 and mid-term below 68000 USD. $BTC
Bitcoin has formed a false breakout followed by a bullish reversal trend on the daily chart. If the real intention was to push higher, then after breaking above the upper boundary of the nearly month-long fluctuation at 73000 on March 17, the price would have held its ground, thus accelerating upwards towards 90000 to profit from the price difference of bottom-fishing chips. However, this process did not occur, so it is necessary to continue viewing the market from a bearish perspective under the guise of a false breakout.
In terms of formation, the daily K-line is also in a situation constrained by the downward channel of the MA60, and the bearish reversal pattern has not changed. In terms of intraday operations, it is suggested to continue using bearish strategies to cope with the situation. To avoid short-term price rebounds, it is advisable to consider entering short positions in the range of 72,500~73,000 USD, with a stop loss set at 74,200 USD, looking short-term below 70000 and mid-term below 68000 USD. $BTC