Cryptocurrency Circle Academician: What is the market impact of the March 22 Bitcoin major capital withdrawal and retail investors bottom fishing? Latest market analysis and thought reference
The current price of Bitcoin is 70400, from the peak at 75998 advising to exit the market, to calling short above 71000, and now fluctuating around 70400 to grind the bottom, those brothers who kept up with the rhythm have already secured profits! Those still blindly bottom fishing always say long-term holding, yet they can’t even understand the most basic trend; making money in the cryptocurrency circle has never been about obsession, but accurate predictions and strict execution! The current long-term bearish trend of BTC is clear, blindly bottom fishing will only lead to repeated washing; friends who are out of positions should prioritize shorting according to the trend, don't be misled by temporary stabilization, preserving the principal is always more important than betting on a rebound!
The daily chart continues to show weak fluctuations, after a large bearish candle following the peak of 75998, it is currently weakly fluctuating around 70400. The K-line has formed a dark cloud cover at a high level piercing through the key support at 74000; it currently belongs to a technical repair after an oversold condition, with the price running near the middle track of the Bollinger Bands at 70318, the MACD red bar has turned green, DIF is turning downward, RSI has fallen from a high position to around 47, indicating that bullish momentum has significantly weakened, and bears still dominate the market.
The four-hour chart shows a weak rebound enticing longs, with bears not exhausted, after a sharp decline touching bottom at 69350, it is currently fluctuating around 70400. The EMA moving averages have formed a bearish arrangement, with the price firmly pressed below the middle track at 70490. Any rebound is a trap for longs, absolutely not a reversal signal; the MACD green bars are narrowing but remain negative, RSI has risen to around 46, indicating that short-term bearish momentum has weakened, but bulls have not yet formed an effective offensive, and both parties are in a temporary balance. The upper pressure is between 71500 and 72000, with lower support at recent lows between 69350 and 69500; following range fluctuations, a continuation of the downward trend is highly probable.
Short-term thought reference: Follow the long-term trend, small stop-loss, quick entry and exit
Buy in the range of 69500 to 69800, stop-loss at 69200, target at 70500 to 70800
Sell in the range of 71200 to 71500, stop-loss at 71800, target at 70500 to 70000; if the price breaks below 70000, look further down to 69500 to 69000
The cryptocurrency circle has always been that those who are prescient profit while those who are late to realize drink the soup, and those who are unaware take over.
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