3.20 Morning Analysis:

Bitcoin continues with large bearish candles, bears remain in control, rallies sold into resistance

Bearish pressure materialized as expected yesterday, price action confirmed our analysis, today's strategy remains to trade with the trend.

From the 4-hour chart perspective, Bitcoin rallied to fresh recent highs then printed consecutive large bearish candles with volume, pulling back directly to the lower band. Weekly gains have been completely retraced, downtrend is clear. MACD bearish momentum continues to build, although bulls have repeatedly defended with lower wicks, they failed to reverse the overall downtrend, short-term bias remains bearish.

On the hourly timeframe, after previous choppy consolidation, a bearish engulfing pattern has consumed the rally space, price probes further lower, touching lows near 69,700. Currently showing minor bounce from the bottom, but this decline is nearly 7,000 points, the chart shows no effective stabilization signals yet, bears maintain absolute control.

Trading strategy: Bearish bias unchanged, stick to selling rallies at resistance, avoid buying the dip blindly.
Short zone: 70,500-71,000
Target level: 68,500, after breakdown can continue lower #TradFi首创多倍杠杆 #美联储维持利率不变 $BTC $ETH