March 17th Bitcoin Evening Thoughts
Market Analysis:
1. V-Shaped Rebound Structure: Bitcoin has recently shown a typical V-shaped rebound, first spiking high and then pulling back, with a minimum dip to around 81900, followed by a strong rebound to 83800. The 84000 price level has formed a clear resistance.
2. Resistance and Support: In the early morning session, it briefly broke through 84000 and surged to 85000, but failed to hold, quickly retreating to below 84000 and oscillating, indicating strong bearish strength.
3. Daily Chart Analysis: The daily chart shows a small bullish candlestick stretch, but the price is still under pressure from the upper trendline, remaining in a pressured state overall.
4. Hourly Chart Analysis: The hourly level fluctuation range is gradually narrowing, with reduced volatility, and market sentiment leaning towards bearish.
Operation Strategy:
Trend Judgment: The current market structure has not shown signs of reversal, and the bearish trend is evident, suggesting to continue operating in line with the trend.
Entry Point: Position short when the price rebounds to the 84500-85500 range.
Target Point: Look for the 82000-81500 range.
It is recommended to set a stop-loss above 86000 to prevent further upward movement if the price breaks through resistance.
