Mr. Coin Circle: 3.23 Bitcoin (BTC) Market Analysis Reference

On the 4-hour level, a series of bearish candles have dropped the price from 68814 to 67959, creating a very clear short-term downward channel. The key support is at 67300, the previous low position, which has been tested. Currently, although it has bounced back, it should be noted that it is just a test, without significant volume or reversal. Switching to the daily chart, the large bearish candle on March 19, from 68750 to 69926, directly outlines the top profile. More critically, in the following three days, the bulls haven't even touched the high point of 71077, directly forming a secondary high pullback pattern, which is typical of upward exhaustion.

In terms of indicators, we see that the MACD 4-hour DIF is already at -845, crossing below the zero line, with bearish momentum beginning to transmit downwards. The daily MACD histogram has accelerated from 142 to -251, with the bullish defense line retreating. On the weekly level, a top divergence has been confirmed, which is a medium to long-term signal that cannot be ignored. The moving average system is more intuitive. The price has now fallen below all EMAs—the 7-day, 30-day, and 120-day have all been breached. On the 4-hour chart, a multiple resistance band has formed between 68000 and 70316. This means that any rebound that cannot surpass this area can only be viewed as a pullback.

In terms of volume, the sharp drop on March 22 was accompanied by a volume increase to 210,000, exceeding the 20-day average volume, which is a standard breakout on increased volume. In contrast, the current 4-hour rebound has a volume of only around 20,000, less than one-tenth of the previous high volume, a typical no-volume pullback. Overall, the weekly top divergence has been established, the daily top structure confirmed, the 4-hour is in a downward channel, no-volume pullback, all moving averages broken, and key support repeatedly tested but with no volume recovery. Currently, it is still in a weak oscillation pattern with a downward shifting focus. In terms of operation, bulls should wait for a right-side signal, at least to stabilize above 68000, and consider a volume breakout to surpass the resistance band. The bearish strategy is to wait for a pullback near the resistance band, in conjunction with a stagnation signal, and act accordingly. Follow Mr. Coin for real-time market analysis.

3.23 Bitcoin Short-term Reference:

70500-71500 range, defend 74500 for a supplement, stop loss 500 points, target below 70000

66500-67500 range, target above 68500, stop loss 500#BTC #ETH🔥🔥🔥🔥🔥🔥 #ETH🔥🔥🔥🔥🔥🔥