3.16 Evening Analysis



Bitcoin price surged then quickly pulled back, with bulls failing to sustain the bounce.
The upper wick pierced through the previous resistance level then got hammered down, with extreme selling pressure above.

4-hour MACD shows signs of a turning point, with volume divergence and obvious momentum weakening in bulls.

This is a very typical short-term spike high, local top, and pullback correction technical pattern.
Current price oscillating near 73500, which constitutes a weak bounce correction, not a reversal. Once the support below breaks, the drawdown space will further open up.

Trading Suggestion: Short 73600-74100 range, target 71600-72000.$BTC $BTC
BTC2.7%
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