Market Outlook

71700 encountered resistance and declined, oscillating within a range
Yesterday, I mentioned that resistance above $BTC was around 71000. Once it stabilizes above 71, there is a possibility of a breakout upward
Although there was a short-term breakout above 71 yesterday, the EQH test at 71700 failed. The 4H candle closed below 71300, immediately followed by a 4H bearish engulfing pattern. Subsequently, today’s intraday movement continued downward to the 69000 range
I believe taking profits early and not chasing the long was the correct decision
On a macro level, the war continues, and the "torpedo warfare" news adds some uncertainty to the market, which is why we saw a decline after the US stock market opened
The larger timeframe remains in the upper half of the oscillation range (63000-71700), with a bias toward lower longs. If not entering longs at low levels, it’s less advantageous (thus, consider going long at 66 and below)
My current medium-term expectation is that the remaining part of March will be oscillating within a large range, but there might be a new high at the end of March (above 74000). The long-term outlook is bearish, expecting a reversal downward after the new high at the end of March, mirroring the surge to 48000 in late March 2022
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