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3.14 Saturday, Upward Pressure, Rebound Continue to Short
On Friday's node, Bitcoin once again attacked the previous high of 74,000 but failed to break through effectively. Subsequently, it moved downward and has now returned to the 70,800 area. Although there has been some pulling in the short term, it has not stabilized effectively. Upward pressure persists, and the market should continue shorting.
The current market is in a rhythm of wide-range oscillation, a cyclical adjustment after a sharp decline. After failing to test the upper pressure level of 74,000 again yesterday, it moved downward. The upper pressure is strong. From the K-line perspective, after consecutive positive candles, it is under pressure and blocked at high levels. The daily K-line shows relatively long bearish candles, with insufficient bullish momentum. The rally is quickly reversed. Therefore, in the short term, attention should be paid to a reversal and decline in the market. Simply short along with the trend at high levels, with the recent low of 63,000 in focus for the short term.
Saturday morning advice: Bitcoin short at 71,000-71,300, targeting 69,000-68,000 area.
The above analysis is merely a personal viewpoint. All viewers are welcome to discuss! Investment carries risks, caution is needed when entering the market. There are no shortcuts in trading; do not seek to get rich overnight. Steady and consistent progress is the way home. Wishing everyone smooth trading.
$BTC