$BTC Crypto Circle Academician: On 3.31, Bitcoin's rebound was weak and failed to continue the decline. Holding firmly at 68,000 as it moves south, not shaken out by the volatility! Latest market analysis and strategic reference
Bitcoin is currently at 66,300. Yesterday, I exited the northbound position. Now holding the 68,000 level as it moves south, with unrealized gains gradually expanding. This wave of market first took short-term profits from the northbound move, and now holding mid-term profits from high positions, maintaining a steady rhythm. Someone asked why I don’t trade frequently. Actually, trading is like this: understanding the trend and holding confident positions is more important than frequent buying and selling. The market is still providing profits from the southbound trend, so don’t rush to exit. Be patient and wait for target levels to be realized.
The daily candlestick volume and price movement are leaning bearish. During the rebound phase, trading volume continues to shrink, and the Northbound funds are reluctant to enter. Price has formed a consolidation range between 66,000 and 67,500, a typical downtrend continuation pattern. The Bollinger Bands are opening downward, with the price running near the lower band, not touching the middle band resistance. If the price effectively breaks below 65,130, it will further test the key support at 59,800. The daily chart’s downside space remains open, and short positions should be maintained.
The four-hour chart shows weak oscillation within a descending channel. The candlestick pattern indicates a lack of rebound strength and some support for decline. After multiple dips to a low of 64,918, the price rebounded, but the rebound candlesticks are small with seriously insufficient volume. MA20, MA30, and MA60 are diverging downward, with the price continuously under pressure below MA30, indicating significant short-term moving average resistance. MACD shows a lack of upward momentum, mainly a technical correction after oversold conditions. The Bollinger Bands are oscillating within a narrowing channel; a break below the lower band would confirm a breakdown of the downward channel, opening further downside space. Conversely, a rebound near the middle band suggests a shorting opportunity at higher levels. Currently, holding the 68,000 southbound position aligns with the medium-term downward trend.
Short-term strategic reference: Follow the larger cycle trend, with quick stops and quick entries/exits.
Support from 66,000 to 65,400 with a stop at 64,800. Target 67,000 to 68,000, with a breakout target of 69,000.
Resistance from 67,500 to 68,000 with a stop at 68,500. Target 66,500 to 66,000, with a breakdown target of 65,000.
In the crypto world, early movers eat the meat, latecomers drink the soup, and those unaware end up holding the bag.
Specific operations should be based on real-time market data. For more information, contact me. Articles are published with some delay; use for reference at your own risk. #BTC能否守住6.5万美元？
