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March 11th Midday Bitcoin Outlook
After testing the high of 71700 intraday and then pulling back, a false breakout was formed at 71755 resistance. The price failed to hold above it and fell back, breaking the bearish flag pattern. The rebound attempt failed, and short-term bullish momentum has weakened.
The large bullish candlestick representing the bulls' strength has been broken. The support at 69212, after multiple tests, is gradually losing its validity. Once it cannot make new highs, it is likely to be broken.
A rise without a pullback is risky, and the short-term outlook is entering a zone of downward pressure and risk of pullback.
Trading Suggestions:
A volume-supported breakout and stabilization above 70121 suggests a target of 70839-71460. If it cannot go higher, the breakout is invalid.
A volume-supported breakdown below 69380 and failure to recover suggests a target of 68399-67635.
$BTC #Gate蓝龙虾重磅上线