3.17 Bitcoin Evening Analysis


Since the price pulled back from the high of 75998, the rebound throughout has been without volume support, with each rally facing resistance from the moving averages, presenting a typical weak rebound pattern with a high probability of continuing the downtrend.

Currently, the Bollinger Band channel is in a convergence state, with the lower track support shifting down to around 73342.6. If volume breaks below this level subsequently, the downside space will quickly open up, with the first target looking towards the previous low of 72891.3, and once this is broken, further downside space will be completely opened.

Trading Suggestions:
Short in the 74500–75000 range, targets at 72500–73000.$BTC
BTC0.2%
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