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3-23 Afternoon Market Analysis
Bitcoin is currently oscillating around the 68000 level. The overall market continues a weak pattern, with limited strength in bullish rebounds and bears maintaining an advantage in the trend. The low tested near 67300 and quickly recovered, indicating that short-term selling pressure hasn't been extremely released. The market is mainly in weak consolidation with no strong reversal signals yet.
On the daily timeframe, there's a lower high pullback pattern forming at higher levels, with obvious exhaustion in upside momentum and bears establishing control of the trend. The Bollinger Band price has broken below the middle line and the bands are diverging downward, showing a clear medium-term downtrend. On the hourly timeframe, the K-line is weakly oscillating tight against the lower Bollinger Band, with the lower band continuing to open downward, bears also dominating the shorter cycle.
Trading Suggestions
Sell in batches on rebounds in the 68800-69100 range, targeting the 67000-66000 area