Cryptocurrency Expert: The recent rebound of Bitcoin on March 26 is just a flash in the pan; the bearish trend will still dominate the market? Latest market analysis and thought reference
The current price of Bitcoin is 70900. Recently, many friends in the crypto community have been asking: After lingering around 70880 for so long, should we buy the dip or continue shorting? I'll speak plainly: Since it rose from 59800, BTC has not escaped the previous downtrend. The current sideways movement is just a pause after a significant drop, not a reversal. You can see that the MA60 moving average is still pressing down from above, and there is no strength to push higher. Instead, the more it goes up, the weaker it gets. This kind of stagnant movement is a signal before a trend change; the next K-line could determine the direction, and blindly buying the dip or chasing highs can easily be washed out by the big players.
The daily bearish framework remains intact; the rebound is still a repair. The long-term trend is still bearish. After the price fell from the high of 75998, it rebounded to the Fibonacci 0.786 resistance level of 74011 and encountered resistance and fell back. Currently, it is grinding near 70880 without breaking through the previous downtrend line, which is a technical repair after an overshoot. Although the MACD green bars have narrowed, the DIF is still below the zero axis, indicating that the downward trend still dominates. The K-line is under pressure below the MA30 moving average, and the MA60 continues to exert downward pressure. The arrangement of moving averages downward has not been broken, and the long-term trend remains unchanged.
The four-hour converging triangle's end opens a trend change window; the K-line has retreated from the high of 71742, with lows gradually rising and highs gradually lowering, forming a converging triangle consolidation pattern. The fluctuation range is continuously narrowing, and the trend change signal is already very clear. The MACD red bars continue to shrink, and there are signs of a dead cross between DIF and DEA, indicating that the upward momentum is fading while the downward strength is gradually accumulating. Once the upper pressure of the triangle is broken, it will trigger a trending market.
Short-term strategy reference: Follow the long-term trend, with small stop losses for quick entry and exit.
Buy in batches from 69500 to 69000, stop loss at 68500, target at 71000 to 71500.
Sell in batches from 71500 to 72000, stop loss at 72500, target at 71000 to 70000. If the price breaks below 70000, continue to look down to 69500 to 69000.
The crypto world has always been one where early birds get the meat, latecomers get the soup, and those who are unaware end up holding the bag.
