3.29 Bitcoin is heading south! Don't bottom fish! The downward trend is not over yet, latest market analysis and thought reference
Bitcoin's current price is 66900, this wave of Bitcoin's decline has sent away a batch of brave high-fliers. Earlier, someone was still messaging me saying that anything below 69000 is a golden pit, and in the afternoon, I saw him asking if he could bottom fish at 66000. Always chasing highs and cutting losses, always slapping their thighs. I have long said that the convergence triangle's end combined with a MACD death cross indicates a clear downward trend, but unfortunately, most people only see the minor rebounds in front of them and cannot see the trend behind. Stop asking if you can bottom fish; the southward trend is dominant now, and the rebound is just giving you a chance to go south!
The daily K-line downtrend has not ended at all; since it fell from 76000, all moving averages have been pressing downward, firmly holding the price at low levels. Although the MACD green bars are short, they have not turned red, indicating that the downward trend has not left. The price is currently hovering around 66947, looking like it wants to rise, but in fact, it is gathering strength to fall. The upper resistance between 69000 and 70000 cannot be breached at all; the key levels are 65000 to 66000, which is the first hurdle. If it breaks below, it will head towards 59800, and the daily level is clearly dominated by the downward trend.
After the four-hour K-line broke below 69000, it completely opened the downward channel. All short-term moving averages are turning down, severely suppressing prices; although there was a rebound after the MACD death cross, the green bars did not turn red, indicating that the downward trend is still leading the market, and there are no signs of stopping the decline. The lower Bollinger Bands continue to open, with prices oscillating in the 66000 to 67000 range, and the rebound strength is extremely weak, merely providing better entry points for the downward trend. The upper range of 67000 to 68000 is the southward defense line, while the lower range of 65000 to 66000 is the first target.
Short-term strategy reference: Follow the major cycle trend, small stop loss, quick entry and exit
(Alternative) Gradually move north from 65000 to 66000, stop loss at 64800, target looking at 67000 to 68000 cautiously moving north
From 67000 to 68000, go south, stop loss at 68500, target looking at 65000 to 66000, if it breaks below, look at 60000
In the crypto world, those who are alert and aware eat meat, while those who are slow to realize drink soup, and those who are unaware take the losses.
Specific operations are based on real-time market data. For more information, please consult the author. There may be delays in article publication; suggestions are for reference only, and risks are borne by the reader.
