On Wednesday, March 11th, Bitcoin faces resistance on the upside, and the rebound continues to be shorted.

Yesterday, Bitcoin and Ethereum both moved upward together. After reaching a short-term high of around 71,700, they faced resistance and pulled back. Currently, they are consolidating near the 70,000 level. Last night, when a short position was suggested at any point, the market also experienced a drop of about 1,800 points. The upward movement is now blocked and under pressure, so the short-term outlook remains bearish with a high-altitude approach!

From the daily chart perspective, the overall market is still in a box-range consolidation pattern, with no clear trend. Although there was a rebound in the short term, it did not break the current box structure. The price is currently under pressure at the upper part of the box, so it is recommended not to chase highs now. Additionally, the hourly chart shows signs of exhaustion in the upward trend. On a reversal point like Wednesday, it’s crucial to watch for a market turn to avoid getting caught at the top. My personal view remains bearish.

Wednesday morning, it is advised to short Bitcoin at 70,800-71,300, with targets around 68,000-65,000.

The above is just my personal opinion. All viewers are welcome to discuss! Investment involves risks; please trade cautiously. There are no shortcuts in trading—don’t seek overnight riches. Steady and prudent trading is the way to go. Wishing everyone smooth trading!