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3.20 Friday Afternoon BTC Analysis - Weak Rebound, Favoring Short Positions
The short term maintains a consolidation pattern, with near-term resistance at 71,000.
On the 4-hour chart, following the decline, there has been a minor rebound in the short term, but it failed to continue the trend. The price is currently moving within a range formation.
On the hourly chart, after BTC probed support at 68,700, bulls and bears have been oscillating and moving upward, currently facing pressure at the upper band.
Combining the 4-hour and hourly charts, the rebound momentum is weak and has not met reversal conditions. Continue favoring shorts in the afternoon.
For afternoon BTC, reference shorting near 705 and 710 levels, watch 690-680 on the downside, with a breakdown targeting 660 directly. $BTC