3.20 Friday Morning Bitcoin Latest Analysis

Today is both the end of the week and the Dragon Raises Its Head festival. Wishing all friends great fortune.

As the market approaches the end of the week, after weakening earlier, it has managed to extend. Yesterday, Bitcoin was dominated by bears, and any rebound was viewed as shorting opportunities. We went short all the way and have been well fed. Currently, after the decline, the rebound strength appears powerless. Today, we continue to expect the bearish trend to persist.

The daily chart closed bearish again. Three consecutive bearish candles have retested and broken through the midline support. The bearish pattern is evident. On the 4-hour chart, after a spike and pullback, Bitcoin continued declining, breaking through the lower band, and then oscillated narrowly in the lower band area. Moving averages and various indicators are all in bearish alignment. On the hourly chart, under bearish trend operations, the Bollinger Bands are expanding downward, currently pressured at the midline area. Overall, the bearish trend is clear, with rebounds lacking any strength. Following the trend is the way to go.

Early morning Bitcoin rebound around 70,500-71,000 is short, targeting the 68,000-67,000 area below.