3.22 Sunday Morning Bitcoin Analysis



Weekend market trading is light, overall characterized by consolidation with limited price movement. Yesterday during the day there was narrow-range oscillation, with a slight rebound in the evening.

The 4-hour Bollinger Bands continue to narrow. Short-term upside is restricted by the middle band. Under the range pattern, the overall trend remains dominated by bears. The hourly chart shows a continuous series of bearish candles pulling back. After the volume-expansion bearish candle, the bearish pattern is confirmed again. However, weekend price action has lower probability of one-directional movement, so short-term participation is preferred. Currently Bitcoin is at a low level, it's not advisable to chase the decline excessively. Intraday we first look for a rebound, then short after the rebound.

Short-term focus on 68000 support. If it doesn't break, rely on this zone to go long. Upside target around 70000. If the rebound doesn't continue, go short directly.
BTC0.11%
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