March 13 Market Analysis:
Looking back at today's market in the afternoon, Bitcoin continued its bearish downward trend, with prices dipping to a low near the key support level of 82350. However, just as market sentiment became cautious, Bitcoin bulls quickly gained momentum, launching a rebound that once peaked at the price level of 83496. Yet, from the momentum of the rebound, this bullish counterattack appeared somewhat weak, failing to fundamentally reverse the situation controlled by the bears, and the overall trend still leans towards bearish.
In the four-hour technical chart dimension, temporarily excluding special cases like candlestick formations, we focus on the current position. If Bitcoin can initiate a new round of rebound here, the double top pattern may be broken, and the market pattern could welcome a turning point; conversely, if the rebound force is weak and unsustainable, the market is likely to test lower again, seeking new support and direction.
Switching to the daily perspective, yesterday closed with a long upper shadow small bullish candlestick, combined with the previous day's long lower shadow bullish candlestick, two bullish candlesticks appeared consecutively, at first glance, it seems that the market is steadily rebounding and climbing, creating signs of warming. Overall, it indicates a trend of enticing bulls. Unless there are strong, solid K-line formations that firmly stand above the key level of 84000, the foundation of the rebound is unstable and there is a risk of a collapse at any time. The daily MACD indicator has recently rebounded, and although the bearish volume bar has reduced, given the relatively long daily cycle, the trend changes it reflects are more macro and lagging. Integrating the characteristics displayed in the four-hour level.
I personally predict that the market will likely test downwards first to confirm the support strength below, completing the bearish cycle of four hours; once the bearish momentum is exhausted, the bulls will look for opportunities to act, driving the market to rebound, at which point both the four-hour and daily charts will enter a bullish phase together, thereby constructing a perfect trend of coordinated resonance between large and small cycles. Of course, it is essential to be vigilant that if the four-hour bearish downward force is too strong, it is not excluded that Bitcoin's price will once again break new lows, approaching the 72000 - 74000 region, which is precisely the bottom fluctuation range we have repeatedly emphasized recently, a necessary process for the market to seek solid support.
Bitcoin 83500-84000 area short. Looking down at around 79800-80200.
Second cryptocurrency 1940-1960 area short. Looking down at around 1820-1850.
